Q2 2024 Cheniere Energy Inc Earnings Call

August 8, 2024

Operator: Please stand by; we are about to begin. Good morning, and welcome to the Cheniere Energy second quarter 2024 earnings call and webcast. Today's conference is being recorded. At this time, I'd like to turn the conference over to Randy Bhatia, Vice President of Investor Relations. Please go ahead. Thanks, Operator. Good morning.

Operator: Please stand by. We are about to begin.

Operator: Good day and welcome to the Cheniere Energy 2nd quarter 2024 earnings call and webcast. Today's conference is being recorded.

Please stand by, we are about to begin.

Operator: Second Quarter 2024 Earnings Call and Webcast. Today's conference is being recorded. At this time, I'd like to turn the conference over to Randy Bhatia, Vice President of Investor Relations. Please go ahead. Thanks, Operator. Good morning.

Operator: Good day and welcome to the Cheniere Energy second quarter 2024 earnings call and webcast. Today's conference is being recorded. At this time, I'd like to turn the conference over to Randy Bhatia, Vice President of Investor Relations. Please go ahead, sir.

Randy Bhatia: At this time, I'd like to turn the conference over to Randy Bhutie, Vice President of Investor Relations.

Operator: Please go ahead, sir.

Randy Bhatia: Thanks, operator.

Randy Bhatia: Thanks, Operator. Good morning, everyone, and welcome to Cheniere's second quarter 2024 earnings conference call. The fly presentation and access to the webcast for today's call are available at cheniere.com. Joining me this morning are Jack Fusco, Cheniere's President and CEO, Anatol Feygin, Executive Vice President and Chief Commercial Officer, Zach Davis, Executive Vice President and CFO, and other members of Cheniere's senior

Randy Bhatia: Good morning, everyone, and welcome to Cheniere's 2nd quarter 2024 earnings conference call. The fly presentation and access to the webcast for today's call are available at Cheniere.com. Joining me this morning are Jack Fusco, Cheniere's President and CEO, Anatol Fagan, Executive Vice President and Chief Commercial Officer, Zack Davis, Executive Vice President and CFO, and other members of Cheniere's senior management.

Randy Bhatia: Thanks, operator. Good morning, everyone, and welcome to Cheniere's second quarter 2024 earnings conference call. The fly presentation and access to the webcast for today's call are available at cheniere.com.

Randy Bhatia: Joining me this morning are Jack Fusco, Cheniere's President and CEO , Anatol Feygin, Executive Vice President and Chief Commercial Officer, Zach Davis, Executive Vice President and CFO , and other members of Cheniere Senior Management.

Randy Bhatia: Before we begin, I would like to remind all the seniors that our remarks, including answers to your questions, may contain forward-looking statements. And national results could differ materially from what is described in these statements. Slide two of our presentation contains a discussion of those forward-looking statements and associated risks. In addition, we may include references to certain non-GAAP financial measures, such as consolidated adjusted EBITDA and distributable cash flow. A reconciliation to these measures for the most comparable GAAP measure can be found in the appendix to the slide presentation. As part of our discussion of Cheniere's results, today's call may also include selective financial information and results for Cheniere Energy Partners LT or CQP.

Randy Bhatia: Before we begin, I would like to remind all listeners that our remarks, including answers to your questions, may contain forward-looking statements, and actual results could differ materially from what is described in these statements. Slide 2 of our presentation contains a discussion of those forward-looking statements and associated risks. In addition, we may include references to certain non-GAAP financial measures, such as consolidated adjusted EBITDA and distributable cash flow. A reconciliation to these measures. The most comparable gap measure can be found in the appendix to this slide presentation.

Randy Bhatia: Before we begin, I would like to remind all listeners that our remarks, including answers to your questions, may contain forward-looking statements, and actual results could differ materially from what is described in these papers. Slide two of our presentation contains a discussion of those forward-looking statements and associated risks. In addition, we may include references to certain non-GAAP financial measures, such as consolidated adjusted EBITDA and distributable cash flow, with a reconciliation to these measures

Randy Bhatia: Slide 2 of our presentation contains a discussion of those forward-looking statements and associated risks. In addition, we may include references to certain non-GAAP financial measures, such as consolidated adjusted EBITDA and distributable cash flow. A reconciliation to these measures

Operator: Please stand by. We are about to begin. Good day and welcome to the Cheniere Energy 2nd quarter 2024 earnings call and webcast. Today's conference is being recorded. At this time, I'd like to turn the conference over to Randy Bhutie, Vice President of the Investor Relations. Please go ahead, sir. Thanks operator. Good morning everyone and welcome to Cheniere's 2nd quarter 2024 earnings conference call. The fly presentation and access to the webcast for today's call are available at Cheniere.com.

Randy Bhatia: The most comparable gap measure can be found in the appendix to the slide presentation.

Randy Bhatia: As part of our discussion of Cheniere's results, today's call may also include selected financial information and results for Cheniere Energy Partners LT, or CQ. We do not intend to cover CQP's results separately from those of Cheniere Energy.

Randy Bhatia: As part of our discussion of Cheniere's results, today's call may also include selected financial information and results for Cheniere Energy Partners LT, or CQP. We do not intend to cover CQP's results separately from those of Cheniere Energy, Inc.

Randy Bhatia: We do not intend to cover CQP's results separately from those of Chenier Energy Inc.

Randy Bhatia: The call agenda is shown on slide three. Jack will begin with operating the financial highlights. Anatol will then provide an update on the LNG market, and Zack will review our financial results and increase 2024 guidance.

Randy Bhatia: The call agenda is shown on slide three. Jack will begin with operating and financial highlights. Anatol will then provide an update on the LNG market, and Zach will review our financial results and increase 2024 guidance. After prepared remarks, we will open the call for Q&A. I will now turn the call over to Jack Fusco, Cheniere's President and CEO.

Randy Bhatia: The call agenda is shown on slide 3.

Operator: Joining me this morning are Jack Fusco, Cheniere's president and CEO, Anatol Fagan, Executive Vice President and Chief Commercial Officer, Zack Davis, Executive Vice President and CFO, and other members of Cheniere's senior management. Before we begin, I would like to remind all the Seniors that our remarks, including answers to your questions, may contain forward-looking statements. And national results could differ materially from what is described in these statements. Slide two of our presentation contains a discussion of those forward-looking statements and associated risks.

Jack Fusco: Jack will begin with Operating and Financial Highlights, Anatol will then provide an update on the LNG market, and Zach will review our financial results and increase 2024 guidance. After prepared remarks, we will open the call for Q&A. I will now turn the call over to Jack Fusco, Cheniere's President and CEO .

Randy Bhatia: After the program, Mark, we will open the call for Q&A.

Randy Bhatia: The most comparable gap measure can be found in the appendix to this slide presentation. As part of our discussion of Cheniere's results, today's call may also include selected financial information and results for Cheniere Energy Partners LTE, or CQE. We do not intend to cover CQP's results separately from those of Cheniere Energy.

Jack Fusco: I will now turn the call over to Chenier's President and CEO.

Jack Fusco: Thank you, Randy. Good morning, everyone.

Jack Fusco: Thanks for joining us today as we review our second quarter results, which exceeded our expectations thanks to the success we have achieved across the entire Cheniere platform. Before I address quarterly results and the guidance increase, I hope you saw our contract announcement earlier this week. We have entered into a new long-term SBA with the Portuguese multinational integrated energy company GELP for approximately half a million tons for 20 years.

Jack Fusco: Thank you, Randy.

Jack Fusco: Thank you, Randy. Good morning, everyone. Thanks for joining us today as we review our second quarter results, which exceeded our expectations thanks to the success we have achieved across the entire Cheniere platform.

Jack Fusco: Before I address the quarterly results and guidance increase, I hope you saw our contract announcement earlier this week. We have entered into a new long-term SVA with the Portuguese multinational integrated energy company, GELP, for approximately half a million tons for 20 years. And the SVA is tied to the data the second train of the SPL expansion project. This contract demonstrates not only further progress and continual momentum on the development of the SPL expansion project, but also the important role US LNG fulfills in the European energy system for decades to come. The SPA represents our longest-dated contract with the European counterparting, as a deal is expected to extend beyond 2050.

Jack Fusco: Thank you, Randy. Good morning, everyone.

Jack Fusco: Thanks for joining us today as we review our second quarter results, which exceeded our expectations thanks to the success we have achieved across the entire Cheniere platform. Before I address the quarterly results and guidance increase, I hope you saw our contract announcement earlier this week. We have entered into a new long-term SBA with the Portuguese multinational integrated energy company GELP for approximately half a million tons for 20 years.

Jack Fusco: Before I address quarterly results and guidance increase, I hope you saw our contract announcement earlier this week.

Operator: In addition, we may include references to certain non-gap financial measures, such as consolidated adjust that EBITDA and distributable cash flow. A reconciliation to these measures for the most comparable gap measure can be found in the appendix to the slide presentation. As part of our discussion of Cheniere's results, today's call may also include selective financial information and results for Chenier Energy Partners LT or CQP. We do not intend to cover CQP's results separately from those of Chenier Energy Inc. The call agenda is shown on slide three.

Jack Fusco: We have entered into a new long-term SBA with the Portuguese multinational integrated energy company, GELP, for approximately half a million tons for 20 years, and the SBA is tied to the date of the second train of the SPL expansion project.

Jack Fusco: And the SBA is tied to the date of the second train of the SPL Expansion Project. This contract demonstrates not only further progress and continued momentum in the development of the SPL Expansion Project but also the important role US LNG will play in the European energy system for decades to come. The SPA represents our longest-dated contract with the European counterparty, as the deal is expected to extend beyond 2050.

Jack Fusco: This contract demonstrates not only further progress and continued momentum on the development of the SPL expansion project, but also the important role US LNG fulfills in the European energy system for decades to come.

Randy Bhatia: Jack will begin with operating the financial highlights.

Jack Fusco: Anatol will then provide an update on the LNG market, and Zack will review our financial results and increase 2024 guidance.

Jack Fusco: The SPA represents our longest dated contract with a European counterparty as a deal is expected to extend beyond 2050.

Anatol Feygin: After the program, Mark, we will open the call for Q&A.

Jack Fusco: We continue to be very excited about the market's response to the SPL expansion project and are working diligently across multiple work streams to advance the project towards FID.

Jack Fusco: We continue to be very excited about the market's response to the SPL expansion project and are working diligently across multiple workstreams to advance the project towards FID. We're focused on being the world's LNG supplier of choice from the U.S., differentiated by a safety-first culture, superior reliability, and a customer focus that demonstrates our long-term commitment to excellence in LNG operations. Please turn to slide 5, where I'll highlight our key accomplishments for the quarter and introduce our increased guidance for 2024.

Zach Davis: I will now turn the call over to Chenier's president and CEO. Thank you, Randy.

Jack Fusco: We continue to be very excited about the market's response to the SPL expansion project and are working diligently across multiple work streams to advance the project towards FID.

Jack Fusco: Good morning, everyone. Thanks for joining us today as we review our second quarter results, which exceeded our expectations. Thanks to the success, we have achieved across the entire Chenier platform. Before I address the quarterly results and guidance increase, I hope you saw our contract announcement earlier this week. We have entered into a new long-term SVA with the Portuguese multinational integrated energy company, GELP, for approximately half a million tons for 20 years.

Jack Fusco: We're focused on being the world's LNG supplier of choice from the US, differentiating ourselves with a safety-first culture, superior reliability, and a customer focus that demonstrates our long-term commitment to excellence in LNG operations.

Jack Fusco: We're focused on being the world's LNG supplier of choice from the U.S.

Jack Fusco: Differentiating ourselves with a safety first culture, superior reliability, and a customer focus that demonstrates our long-term commitment to excellence in LNG operations.

Jack Fusco: Questions. Please turn to slide five, where I'll highlight our key accomplishments for the quarter and introduce our increased guidance for 2024. In the second quarter, we generated consolidated just an even DAW of approximately 1.3 billion, distributed will cashflow over approximately 700 million, and that income of approximately 880 million.

Jack Fusco: Please turn to slide 5, where I'll highlight our key accomplishments for the quarter and introduce our increased guidance for 2024.

Jack Fusco: And the SVA is tied to the data the second train of the SPL expansion project. This contract demonstrates not only further progress and continual momentum on the development of the SPL expansion project, but also the important rule, US LNG fulfills in the European energy system for decades to come. The SPA represents our longest-dated contract with the European counterparting as a deal is expected to extend beyond 2050. We continue to be very excited about the market's response to the SPL expansion project and are working diligently across multiple work streams to advance the project towards FID. We're focused on being the world's LNG supplier of choice from the US, differentiating ourselves with a safety-first culture, superior reliability, and a customer focus that demonstrates our long-term commitment to excellence in LNG operations.

Jack Fusco: In the second quarter, we generated consolidated adjusted EBITDA of approximately $1.3 billion, distributable cash flow of approximately $700 million, and net income of approximately $880 million. These excellent financial results are once again the product of our maniacal focus on operational excellence. During the quarter, we produced and exported 155 LNG cargoes from our facility.

Jack Fusco: These excellent financial results are once again the product of our maniacal focus on operation. During the quarter, we produced and exported 155 LNG cargoes from our facilities. Total LNG production across our platform was up slightly year over year for both the quarter and the first half of the year. On the maintenance front, during the second quarter, we executed our major maintenance programs at both Sabine Pass and Corpus Christi, and I'm extremely proud of the outcomes of each of those turn around.

Jack Fusco: These excellent financial results are once again the product of our maniacal focus on operational excellence.

Jack Fusco: During the quarter, we produced and exported 155 LNG cargos from our facilities.

Jack Fusco: Total LNG production across our platform was up slightly year over year for both the quarter and the first half of the year. On the maintenance front, during the second quarter, we executed our major maintenance programs at both Sabine Pass and Corpus Christi, and I'm extremely proud of the outcomes of each of those turnarounds. I'll come back to these programs in a minute, but their safe and successful execution further reinforces our operating track record and sets Cheniere further apart from the competition.

Jack Fusco: Total LNG production across our platform was up slightly year over year for both the quarter and the first half of the year. On the maintenance front, during the second quarter, we executed our major maintenance programs at both Sabine Pass and Corpus Christi. And I'm extremely proud of the outcomes of each of those turnarounds. I'll come back to these programs in a minute, but their safe and successful execution further reinforces our operating track record and sets Cheniere further apart from the competition.

Jack Fusco: Total LNG production across our platform was up slightly year-over-year for both the quarter and the first half of the year.

Jack Fusco: on the maintenance front during the second quarter we executed our majormaintenance programs at both of being pass and corporus christiinean and i'm extremely prd of the outcomes of each of those two arounds

Jack Fusco: I'll come back to these programs and give them a minute. For their safe and successful execution, further rate forces are operating track record and sent Cheniere further apart from the competition. During the second quarter, we noticed an update to our cap allocation plan, highlighted by a $4 billion increase in our shared repurchase authorization through 2027, as well as a planned increase in our dividend to $2 per share annualized next quarter. As Act will speak to further, our cap allocation plan provides investors with an excellent framework in which they can take confidence, a proven, disciplined approach that provides for cashflow visibility, capital management, and long-term value creation.

Jack Fusco: I'll come back to these programs in a minute, but their safe and successful execution further reinforces our operating track record and sets Cheniere further apart from the competition.

Jack Fusco: Questions. Please turn to slide five, where I'll highlight our key accomplishments for the quarter, and introduce our increased guidance for 2024. In the second quarter, we generated consolidated just an even DAW of approximately 1.3 billion, distributed will cashflow over approximately 700 million, and that income of approximately 880 million. These excellent financial results are once again the product of our maniacal focus on operation. During the quarter, we produced and exported 155 LNG carboes from our facilities.

Jack Fusco: During the second quarter, we announced an update to our capital allocation plan highlighted by a $4 billion increase in our share repurchase authorization through 2027, as well as a planned increase in our dividend to $2 per share annualized next quarter. As Zach will speak to further, our capital allocation plan provides investors with an excellent framework in which they can take confidence. A proven, disciplined approach that provides for cash flow and visibility, capital management, and long-term value creation.

Zach: During the 2nd quarter, we announced an update to our capital allocation plan, highlighted by a $4 billion increase in our share repurchase authorization through 2027, as well as a planned increase in our dividend to $2 per share annualized next quarter.

Jack Fusco: As Zach will speak to further, our capital allocation plan provides investors with an excellent framework in which they can take confidence, a proven, disciplined approach that provides for cash flow visibility, capital management, and long-term value creation.

Jack Fusco: Looking ahead to the balance of 2024, today, we are raising and tightening the ranges of our full-year guidance to 5.7 to 6.1 billion in consolidated just the Nevada and to 3.1 to 3.5 billion of distributed cashflow. The primary drivers of the increase are portfolio optimization activities and excellent maintenance execution at both our sites, particularly at Corpus, where we expect to make up some of the last production we had in the first quarter as a result of freeze-related gas composition issues that I discussed on our last call. Even accounting for the increased volume in the forecast, we continue to have an immature amount of an additional volume remaining from the balance of the year.

Jack Fusco: Looking ahead to the balance of 2024, today we are raising and tightening the ranges of our full-year guidance, to $5.7 to $6.1 billion in consolidated adjusted EBITDA and $3.1 to $3.5 billion in distributable cash flow. The primary drivers of the increase are portfolio optimization activities and excellent maintenance execution at both our sites, particularly at Corpus, where we expect to make up some of the lost production we had in the first quarter as a result of freeze-related gas composition issues that I discussed on our last call. Even accounting for the increased volume in the forecast, we continue to have an immaterial amount of unsold volume remaining for the balance of the year.

Jack Fusco: Total LNG production across our platform was up slightly year over year for both the quarter and the first half of the year. On the maintenance front, during the second quarter, we executed our major maintenance programs at both Sabine Pass and Corpus Christi, and I'm extremely proud of the outcomes of each of those turn around. I'll come back to these programs and give them a minute. For their safe and successful execution, further rate forces are operating track record and sent Cheniere further apart from the competition.

Jack Fusco: Looking ahead to the balance of 2024, today we are raising and tightening the ranges of our full year guidance to $5.7 to $6.1 billion in consolidated adjusted EBITDA and $3.1 to $3.5 billion of distributable cash flow.

Jack Fusco: The primary drivers of this increase are portfolio optimization activities and excellent maintenance execution at both our sites, particularly at Corpus

Jack Fusco: During the second quarter, we noticed an update to our cap allocation plan, highlighted by a $4 billion increase in our shared repurchase authorization through 2027, as well as a planned increase in our dividend to $2 per share annualized next quarter. As Act will speak to further, our cap allocation plan provides investors with an excellent framework in which they can take confidence, a proven, disciplined approach that provides for cashflow visibility, capital management, and long-term value creation.

Jack Fusco: Well, we expect to make up some of the lost production we had in the first quarter as a result of freeze-related gas composition issues that I discussed on our last call.

Speaker Change: Even accounting for the increased volume in the forecast, we continue to have an immaterial amount of unsold volume remaining for the balance of the year. In fact, we'll have more to say on the guidance increase in his remarks in a few minutes.

Jack Fusco: In fact, we'll have more to say on the guidance increase in his remarks in a minute. Please turn to slide 6, where I'll update you on the growth at Stage 3 and Trends 8 and 9 at Corpus. On the construction execution side, Bechtel continues to progress our Stage 3 project at Corpus Christi on budget and on an accelerated schedule, once again demonstrating to the LNG market the reliability of execution and visibility on volumes from Cheniere.

Jack Fusco: In fact, we'll have more to say on the guidance increase in his remarks in a few minutes.

Jack Fusco: Please turn to slide 6. We'll update you on the growth of stage 3 and trains eight and nine at Corpus. On the construction execution side, Vectal continues to progress. Our stage 3 project at Corpus Christi on budget, non-accelerated schedule, once again demonstrated the LNG market, the reliability of execution, and visibility on volumes from Schneer. In June, stage 3 reached over 62% completion, and the head count has ran to about 4,000 construction workers today. As you can see from the photos on the slide, stage 3 is very much taking shape, especially the first few trains for which construction is well advanced.

Jack Fusco: Please turn to slide 6, where I'll update you on the growth at Stage 3 and Trains 8 and 9 at Corpus.

Jack Fusco: In June, Stage 3 reached over 62% completion, and the headcount has reached about 4,000 construction workers today. As you can see from the photos on the slide, Stage 3 is very much taking shape, especially the first few trains for which construction is well advanced. All equipment for the first two trains has been delivered to the project site, and last week, train five coal boxes were shipped, and trade six coal boxes are ready to ship.

Speaker Change: On the construction execution side, Bechtel continues to progress our Stage 3 project at Corpus Christi on budget and on an accelerated schedule, once again demonstrating to the LNG market the reliability of execution and visibility on volumes from Cheniere.

Jack Fusco: In June , Stage 3 reached over 62% completion, and the headcount has ramped to about 4,000 construction workers today. As you can see from the photos on the slide, Stage 3 is very much taking shape, especially the first few trains for which construction is well advanced.

Jack Fusco: All the equipment for the first two trains has been delivered to the project site, and last week train five co-boxes were shipped, and train six co-boxes are ready to ship. We continue to target first allergy from train one by the end of the year and to bring the first three trains online by the end of 2025. To that end recently, we commence the process of training over utility systems from the NC to the commissioning teams, with approximately 35 sets systems having already been turned over. In June, Fectal energized the train one liquefaction and utility substations, a critical step which will enable power at the project site.

Jack Fusco: All equipment for the first two trains has been delivered to the project site and last week train five coal boxes were shipped and train six coal boxes are ready to ship.

Jack Fusco: Even accounting for the increased volume in the forecast, we continue to have an immature amount of an additional volume remaining from the balance of the year. In fact, we'll have more to say on the guidance increase in his remarks in a few minutes.

Jack Fusco: We continue to target first LNG from train one by the end of the year and to bring the first three trains online by the end of 2025. To that end, recently, we commenced the process of turning over utility systems from E&C to the commissioning teams, with approximately 35 such systems having already been turned over, and in June, Bechtel energized train one liquefaction and utility substation, a critical step which will enable power at the project site. In addition, we have begun to make some necessary regulatory filings in preparation for the start of commissioning activities on Train 1.

Jack Fusco: We continue to target first LNG from train one by the end of the year and to bring the first three trains online by the end of 2025.

Jack Fusco: To that end, recently, we commenced the process of turning over utility systems from E&C to the commissioning teams, with approximately 35 such systems having already been turned over, and in June , Bechtel energized the Train 1 liquefaction and utility substations.

Jack Fusco: Please turn to slide 6. We'll update you on the growth of stage 3 and trains eight and nine at Corpus. On the construction execution side, Vectal continues to progress. Our stage 3 project at Corpus Christi on budget, non-accelerated schedule, once again demonstrated the LNG market, the reliability of execution and visibility on volumes from Schneer. In June, stage 3 reached over 62% completion and the head count has ran to about 4,000 construction workers today.

Jack Fusco: In addition, we have begun to make some necessary regulatory filings and preparation for the start of commissioning activities on Train One. We expect to begin taking first gas into train one in the next couple of months, which will begin the commissioning and start a process. And we'll give us added visibility into the end of the year target for first allergy.

Jack Fusco: A critical step which will enable power at the project site.

Jack Fusco: In addition, we have begun to make some necessary regulatory filings in preparation for the start of commissioning activities on Train 1. We expect to begin taking first gas into Train 1 in the next couple of months, which will begin the commissioning and startup process.

Jack Fusco: We expect to begin taking first gas and to train one in the next couple of months, which will begin the commissioning and startup process and will give us added visibility into the end-of-the-year target for first LNG. Speaking of regulatory matters, during the second quarter, we received a positive environmental assessment from FERC on Corpus Christi trains 8 and 9. This critical regulatory milestone helps to solidify our expected timeline for us to be in a position to reach FID on Trains 8 and 9 in 2025, which should enable us to realize project efficiencies of having Bechtel already on site for Stage 3.

Jack Fusco: As you can see from the photos on the slide, stage 3 is very much taking shape, especially the first few trains for which construction is well advanced. All the equipment for the first two trains has been delivered to the project site, and last week train five co-boxes were shipped, and train six co-boxes are ready to ship. We continue to target first allergy from train one by the end of the year and to bring the first three trains online by the end of 2025.

Jack Fusco: It will give us added visibility into the end-of-the-year target for first LNG.

Jack Fusco: Speaking of regulatory matters during the second quarter, we received a positive environmental assessment from FERC on Corpus Christi trains eight nine. This critical regulatory milestone helps to solidify our expected timeline for us to be in a position to reach FID on trains eight nine in 2025, which should enable us to realize project deficiencies of having effect on already outside for stage three. Our ability to navigate the numerous regulatory bodies and obtain the required permits has been a key to our success to date and essential to our growth plans for both Corpus and Sabine.

Jack Fusco: Speaking of regulatory matters, during the second quarter, we received a positive environmental assessment from FERC on Corpus Christi trains 8 and 9.

Jack Fusco: This critical regulatory milestone helps to solidify our expected timeline for us to be in a position to reach FID on trains 8 and 9 in 2025, which should enable us to realize project efficiencies of having Bechtel already on site for stage 3.

Jack Fusco: To that end recently, we commence the process of training over utility systems from the NC to the commissioning teams with approximately 35 sets systems having already been turned over, and in June, Fectal energized the train one liquefaction and utility substations, a critical step which will enable power at the project site. In addition, we have begun to make some necessary regulatory filings and preparation for the start of commissioning activities on train one.

Jack Fusco: Our ability to navigate the numerous regulatory bodies and obtain the required permits has been a key to our success to date and is essential to our growth plans for both Corpus and Sabine. Now turn to slide 7, where I'm pleased to cover some highlights of the maintenance program we're executing at both Savine Pass and Corpus Christi since our last earnings call and how our execution exemplifies Cheniere's cultural foundations of safety and operational excellence.

Jack Fusco: Now turn to slide seven, where I'm pleased to cover some highlights of the maintenance program, where, excuse me, I've both seen pass in Corpus Christi since our last earnings call and how our execution exemplifies seniors' cultural foundations of safety and operational excellence. As I've discussed previously, this year's major maintenance work would look a little different than last year's, and that we would need extended periods of full outages at either facility. Rather, we would be able to complete or require maintenance programs under shorter outages or while operating at reduced rates, with a net impact to the total annual production from maintenance being about the same as a major SPL turnaround in 2023.

Jack Fusco: Now turn to slide seven, where I'm pleased to cover some highlights of the maintenance program we're executing at both Savine Pass and Corpus Christi since our last earnings call, and how our execution exemplifies Chenier's cultural foundations of safety and operational excellence.

Jack Fusco: We expect to begin taking first gas into train one in the next couple of months, which will begin the commissioning and start a process. And we'll give us added visibility into the end of the year target for first allergy. Speaking of regulatory matters during the second quarter, we received a positive environmental assessment from FERC on Corpus Christi trains eight nine. This critical regulatory milestone helps to solidify our expected timeline for us to be in a position to reach FID on trains eight nine in 2025, which should enable us to realize project deficiencies of having effect on already outside for stage three. Our ability to navigate the numerous regulatory bodies and obtain the required permits has been a key to our success to date and essential to our growth plans for both Corpus and Sabine.

Jack Fusco: As I've discussed previously, this year's major maintenance work would look a little different than last year's in that we wouldn't need extended periods of full outages at either facility. Rather, we would be able to complete our required maintenance programs under shorter outages or while operating at reduced rates with a net impact to the total annual production from maintenance being about the same as a major SPL turnaround in 2023. Major maintenance was concentrated on being passed last year, whereas this year, we performed major maintenance across both facilities.

Jack Fusco: Or while operating at reduced rates with a net impact to the total annual production from maintenance. Being about the same as a major STL turnaround in 2023.

Jack Fusco: Major maintenance was concentrated in the past last year, whereas this year, we performed major maintenance across both facilities. In the second quarter of Sabine past, we conducted a planned major turnaround for trains three and four, and at Corpus Christi, we completed a turnaround of train three in the second quarter and a turnaround of train two last month. I'm proud to say these turnarounds were all completed on or ahead of schedule, on budget, had zero reportable environmental incidents, and most importantly, zero recordable or lost time injuries. To be clear, we will have major maintenance programs to execute at our sites every year.

Jack Fusco: Major maintenance was concentrated to being passed last year, whereas this year we performed major maintenance across both facilities.

Jack Fusco: In the second quarter of Sabine Pass, we conducted a planned major turnaround for Trains 3 and 4, and at Corpus Christi, we completed a turnaround of Train 3 in the second quarter and a turnaround of Train 2 last month. I'm proud to say these turnarounds were all completed on or ahead of schedule, on budget, with zero reportable environmental incidents, and, most importantly, zero reportable or lost time injuries.

Jack Fusco: In the second quarter of Sabine Pass, we conducted a planned major turnaround for trains 3 and 4, and at Corpus Christi, we completed a turnaround of train 3 in the second quarter and a turnaround of train 2 last month.

Jack Fusco: Now turn to slide seven, where I'm pleased to cover some highlights of the maintenance program where excuse me, I've both seen pass in Corpus Christi since our last earnings call and how our execution exemplifies seniors cultural foundations of safety and operational excellence. As I've discussed previously, this year's major maintenance work would look a little different than last year's and that we would need extended periods of full outages at either facility. Rather, we would be able to complete or require maintenance programs under shorter outages or while operating at reduced rates, with a net impact to the total annual production from maintenance, being about the same as a major SPL turnaround in 2023.

Jack Fusco: I'm proud to say these turnarounds were all completed on or ahead of schedule, on budget, had zero reportable environmental incidents, and most importantly, zero reportable or lost time injuries.

Jack Fusco: We will have major maintenance programs to execute at our sites every year. Maintenance turnarounds are part of our normal operation. So to have these successes on our major annual programs is critical to maintaining and reinforcing our reputation for safe and reliable operations. As many of you know, this is predicted to be a very busy hurricane season, and we have already had a significant storm, Hurricane Beryl, make landfall on the Texas Gulf Coast.

Jack Fusco: To be clear.

Jack Fusco: Maintenance turnarounds are part of our normal operation. So to have these successes on our major annual programs is critical to maintaining and reinforcing our reputation for safe and reliable operations.

Jack Fusco: We will have major maintenance programs to execute at our sites every year. Maintenance turnarounds are part of our normal operations.

Jack Fusco: So to have these successes on our major annual programs is critical to maintaining and reinforcing our reputation for safe and reliable operations.

Jack Fusco: As many of you know, this is predicted to be a very dizzy hurricane season, and we have already had a significant storm, Hurricane Darryl, made landfall on the Texas Gulf Coast. In advance of the storm, we activated a hurricane preparedness plan of both facilities. These plans provide for operations risk assessment and mitigation before, during, and after the storm event. The storm made landfall south of Houston, right in between to the passing Corpus Christi. We had uninterrupted safe and reliable production of LNG at both facilities throughout the storm.

Jack Fusco: As many of you know, this is predicted to be a very busy hurricane season, and we have already had a significant storm, Hurricane Beryl, made landfall on the Texas Gulf Coast.

Jack Fusco: Major maintenance was concentrated in the past last year, whereas this year, we performed major maintenance across both facilities. In the second quarter of Sabine past, we conducted a planned major turnaround for trains three and four and at Corpus Christi, we completed a turnaround of train three in the second quarter and a turnaround of train two last month. I'm proud to say these turnarounds were all completed on or ahead of schedule on budget, had zero reportable environmental incidents and most importantly, zero recordable or lost time injuries.

Jack Fusco: In advance of the storm, we activated our hurricane preparedness plans at both facilities. These plans provide for operations risk assessment and mitigation before, during, and after a storm event. The storm made landfall south of Houston, right in between Sabine Pass and Corpus Christi.

Jack Fusco: in advance of the storm we activated a hurricane preparedareness plans of both facilities

Jack Fusco: These plans provide for operations risk assessment and mitigation before, during, and after a storm event.

Jack Fusco: The storm made landfall south of Houston, right in between Sabine Pass and Corpus Christi. We had uninterrupted, safe, and reliable production of LNG at both facilities throughout the storm.

Jack Fusco: We had uninterrupted, safe, and reliable production of LNG at both facilities throughout the storm. To that point on safety, I'd like to recognize the personnel at both sites for having achieved major safety milestones during the quarter that are worthy of acknowledgment and celebration. Corpus Christi surpassed 6 million man-hours worked without a single lost time incident. And Sabine Pass surpassed the 10 million man-hour mark. Those are exceptional achievements. And, finally, before turning the call over, I'd like to congratulate my Cheniere colleagues on both sides for a job well done.

Jack Fusco: To that point on safety, I'd like to recognize a personnel at both sites for having achieved major safety milestones during the quarter that are worthy of acknowledgement and celebration. Corpus Christi surpassed six million man hours work without a single lost time incident, and Sabine Pass surpassed the 10 million man hour mark. Those are exceptional achievements, and I'd like to congratulate my senior colleagues at both sites for a job well done.

Jack Fusco: To be clear, we will have major maintenance programs to execute at our sites every year. Maintenance turnarounds are part of our normal operation. So to have these successes on our major annual programs is critical to maintaining and reinforcing our reputation for safe and reliable operations.

Jack Fusco: To that point, on safety.

Jack Fusco: I'd like to recognize the personnel at both sites for having achieved major safety milestones during the quarter that are worthy of acknowledgement and celebration.

Jack Fusco: Corpus Christi surpassed 6 million man-hours work without a single lost time incident, and Sabine Pass surpassed the 10 million man-hour mark.

Jack Fusco: And I'd like to congratulate my Cheniere colleagues on both sides for a job well done. And finally, before turning the call over, I'd just like to say a brief word relating to the upcoming presidential election. At Cheniere, we have developed, built, and operated our assets under multiple administrations across both parties for the last decade plus. We believe our business and our product to be bipartisan, helping achieve policy priorities across the political spectrum, such as economic impact, job creation, global decarbonization, energy independence, or international trade.

Jack Fusco: As many of you know, this is predicted to be a very dizzy hurricane season and we have already had a significant storm, Hurricane Darryl made landfall on the Texas Gulf Coast. In advance of the storm, we activated a hurricane preparedness plans of both facilities. These plans provide for operations risk assessment and mitigation before, during and after the storm event. The storm made landfall south of Houston right in between to the passing Corpus Christi.

Jack Fusco: those are exceptional achievements and i'd like to congratulate machineer colleagues at both sides for a job well doneie

Jack Fusco: And finally, before turning the call over, I'd just like to say a brief word relating to the upcoming presidential election. That's scenario we have developed, built, and operated our assets under multiple administrations across both parties for the last decade plus. We believe our business and our product to be bipartisan, helping achieve policy priorities across the political spectrum. Economic impact, job creation, global decarbonization, energy independence, or international trade. Chenier and our LNG deliver on each and scale. The numerous and significant benefits of our LNG are proven. In addition, our LNG platform consists of assets that we believe will operate for many decades, transcending any single election cycle.

Jack Fusco: I'd just like to say a brief word relating to the upcoming presidential election. At Cheniere, we have developed, built, and operated our assets under multiple administrations across both parties for the last decade plus. We believe our business and our product to be bipartisan, helping achieve policy priorities across the political spectrum, such as economic impact, job creation, global decarbonization, energy independence, or international trade. Cheniere and our LNG deliver on each at scale. The numerous and significant benefits of RLNG are proven.

Jack Fusco: And finally, before turning the call over, I'd just like to say a brief word relating to the upcoming presidential election.

Jack Fusco: In addition, our LG platform consists of assets that we believe will operate for many decades, transcending any single election cycle. We look forward to maintaining our constructive presence and working relationships in Washington, regardless of the outcome in November, and to continue being a reliable supplier to our customers and to the overall global energy balance and energy security. With that, I'll now hand the call over to Anatol to discuss the LNG mark. Thank you all again for your continued support of Cheniere.

Anatol: At Cheniere, we have developed, built, and operated our assets under multiple administrations across both parties for the last decade plus.

Anatol: We believe our business and our product to be bipartisan, helping achieve policy priorities across the political spectrum.

Jack Fusco: We had uninterrupted safe and reliable production of LNG at both facilities throughout the storm. To that point on safety, I'd like to recognize a personnel at both sites, for having achieved major safety milestones during the quarter that are worthy of acknowledgement and celebration. Corpus Christi surpassed six million man hours work without a single lost time incident, and Sabine Pass surpassed the 10 million man hour mark. Those are exceptional achievements, and I'd like to congratulate my senior colleagues at both sites for job well done.

Anatol: Economic impact, job creation, global decarbonization, energy independence, or international trade.

Jack Fusco: Cheniere and our LNG deliver on each in scale. The numerous and significant benefits of RLNG are proven. In addition, our LG platform consists of assets that we believe will operate for many decades, transcending any single election cycle. We look forward to maintaining our constructive presence and working relationships in Washington, regardless of the outcome in November, and to continue being a reliable supplier to our customers and to the overall global energy balance and energy security. With that, I'll now hand the call over to Anatol to discuss the LNG mark. Thank you all again for your continued support of Cheniere.

Anatol: Cheniere and our LNG deliver on each in scale. The numerous and significant benefits of our LNG are proven.

Jack Fusco: in addition our lg platform consist of assets that we believe will operate for many decades

Jack Fusco: We look forward to maintaining our constructive presence and working relationships in Washington, regardless of the outcome of November. And to continue being the reliable supplier to our customers and to the overall global energy balances and energy security.

Jack Fusco: transcending any single election cycle. We look forward to maintaining our constructive presence and working relationships in Washington regardless of the outcome in November and to continue being a reliable supplier to our customers.

Jack Fusco: And finally, before turning the call over, I'd just like to say a brief word relating to the upcoming presidential election. That's scenario we have developed built and operated our assets under multiple administrations across both parties for the last decade plus. We believe our business and our product to be bipartisan, helping achieve policy priorities across the political spectrum. Economic impact, job creation, global decarbonization, energy independence or international trade. Chenier and our LNG deliver on each and scale.

Anatol Feygin: With that, I'll now hand the call over to Anna Tall to discuss the LNG markets. Thank you all again for your continued support of Chenier. Thanks, Jack, and good morning, everyone.

Jack Fusco: and to the overall global energy balances and energy security. With that, I'll now hand the call over to Anatol to discuss the LNG markets. Thank you all again for your continued support of Cheniere.

Anatol Feygin: Thanks, Jack, and good morning, everyone. Please turn to slide 9.

Anatol Feygin: Please turn to slide 9. With the extreme volatility and prices of 22, now well in the rear of the mirror, taking them in TTF for down 24% and 16% respectively, you are near in the second quarter. However, both benchmarks increased during the quarter due to the series of supply outages of LNG facilities in Australia and the US, as well as one of the upstream facilities in Norway. These supply disruptions, coupled with former demand policy measures due to a hot early summer and restocking efforts, led to TTF and JKM each dumping approximately 25% from April lows to June.

Anatol Feygin: With the extreme volatility in prices of 22, now well in the rearview mirror, JPM and TTF were down 24% and 16%, respectively, year-on-year in the second quarter. However, both benchmarks increased during the quarter due to a series of supply outages at LNG facilities in Australia and the U.S., as well as upstream facilities in Norway. These supply disruptions, coupled with a stronger demand pull from Asia due to the hot early summer and restocking efforts, led to TTF and ZCAM each jumping approximately 25% from April lows to June.

Anatol Feygin: With the extreme volatility in prices of 22, now well in the rear-view mirror, JKM and TTF were down 24% and 16%, respectively, year-on-year in the second quarter. However, both benchmarks increased during the quarter due to a series of supply outages at LNG facilities in Australia and the U.S., as well as upstream facilities in Norway. These supply disruptions coupled with stronger demand pull from Asia due to the hot early summer and restocking efforts led to TTF and JKM each jumping approximately 25% from April lows to June.

Anatol Feygin: Thanks, Jack, and good morning, everyone. Please turn to slide 9.

Anatol Feygin: With the extreme volatility in prices of 22 now well in the rearview mirror, JPM and TTF were down 24 percent and 16 percent respectively year-on-year in the second quarter.

Anatol Feygin: However, both benchmarks increased during the quarter due to a series of supply outages of LNG facilities in Australia and the U.S., as well as upstream facilities in Norway.

Jack Fusco: The numerous and significant benefits of our LNG are proven. In addition, our LNG platform consists of assets that we believe will operate for many decades, transcending any single election cycle. We look forward to maintaining our constructive presence and working relationships in Washington regardless of the outcome of November. And to continue being the reliable supplier to our customers and to the overall global energy balances and energy security.

Anatol Feygin: These supply disruptions, coupled with stronger demand pull from Asia due to the hot early summer and restocking efforts, led to TTF and ZCAM each jumping approximately 25% from April lows to June .

Anatol Feygin: In the U.S. Monten Henry Hub Settlements, average $89 a man in the second quarter, the crisis strengthens with the June contract settling at 2049 cents at MMVTU and July at 2063 cents, as the domestic market absorbed the impact of price-driven production cuts along with strong early summer cooling demand and the return of Freeport LNG for maintenance. Throughout the quarter, the supply demand balance remained delicate in the LNG market. Looking at the center charts, global LNG trade growth was constrained by minimal supply growth during the quarter, with Asia's increased demand met by attracting cargo from the Atlantic Basin via higher prices.

Anatol Feygin: In the U.S., month-end Henry Hub settlements averaged $1.89 an ounce in the second quarter, but prices strengthened with the June contract settling at $2.49 at MMBTU and July at $2.63, as the domestic market absorbed the impact of price-driven production cuts, along with strong early summer cooling demand and the return of freeport LNG for maintenance.

Anatol Feygin: In the U.S., Montaigne-Henry hub settlements averaged $1.89 an annum in the second quarter, but prices strengthened with the June contract settling at $2.49 at MMBTU and July at $2.63, as the domestic market absorbed the impact of price-driven production cuts, along with strong early summer cooling demand and the return of freeport LNG from Maine.

Anatol Feygin: In the U.S., month-end Henry Hub settlements averaged $1.89 an annum in the second quarter, but prices strengthened with the June contract settling at $2.49 at MMBTU and July at $2.63.

Anatol Feygin: As the domestic market absorbed the impact of price-driven production cuts, along with strong early summer cooling demand and the return of Freeport LNG for maintenance.

Anatol Feygin: With that, I'll now hand the call over to Anna Tall to discuss the LNG markets. Thank you all again for your continued support of Chenier.

Anatol Feygin: Throughout the quarter, the supply-demand balance remained delicate in the LNG market. Looking at the center charts, global LNG trade growth was constrained by minimal supply growth during the quarter, with Asia's increased demand met by attracting cargoes from the Atlantic Basin via higher prices. This demand pull from Asia is further evidenced by U.S. LNG export flows, which continued to shift from Europe to Asia during the quarter. However, the growth in global supply was partially offset as Egypt flipped back to an LNG importer and other export facilities suffered protracted outages.

Anatol Feygin: Throughout the quarter, the supply-demand balance remained delicate in the LNG market. Looking at the center charts, global LNG trade growth was constrained by minimal supply growth during the quarter, with Asia's increased demand met by attracting cargoes from the Atlantic Basin via higher prices. This demand pull from Asia is further evidenced by U.S. LNG export flows, which continued to shift from Europe to Asia during the quarter. The growth in global supply was partially offset as Egypt flipped back to an LNG importer and other export facilities suffered protracted outages.

Anatol Feygin: Thanks, Jack, and good morning, everyone. Please turn to slide 9. With the extreme volatility and prices of 22, now well in the rear of the mirror, taking them in TTF for down 24% and 16% respectively, you are near in the second quarter. However, both benchmarks increased during the quarter due to the series of supply outages of LNG facilities in Australia and the US as one of the upstream facilities in Norway. These supply disruptions coupled with former demand policy measure due to a hot early summer and restocking efforts led to TTF and JKM each dumping approximately 25% from April lows to June.

Anatol Feygin: This demand pulled from Asia is further evidence by U.S. LNG export flows, which continued to shift from Europe to Asia during the quarter. The growth in global supply was partially offset as Egypt slipped back to an LNG importer, and other export facilities suffered protractive outages. The limited incremental supply, Asia's consumption growth was primarily dominated by China and India, leading little volume for relatively new market areas such as Hong Kong, Vietnam, and the Philippines, which actually became our 40th delivery market last week.

Anatol Feygin: This demand pull from Asia is further evidenced by U.S. LNG export flows, which continue to shift from Europe to Asia during the quarter.

Anatol Feygin: The growth in global supply was partially offset as Egypt flipped back to an LNG importer and other export facilities suffered protracted outages.

Anatol Feygin: With limited incremental supply, Asia's consumption growth was primarily dominated by China and India, leaving little volume for relatively new market areas such as Hong Kong, Vietnam, and the Philippines, which actually became our 40th delivery market last week. We expect this seemingly fragile market balance to continue until additional LNG export capacity comes online. Let's address the regional dynamics on the next page. In Asia, LNG imports grew 11% or 6.7 million tons year-on-year in the second quarter.

Anatol Feygin: In the U.S. Monten Henry Hub Settlements, average $89 a man in the second quarter, the crisis strengthens with the June contract settling at 2049 cents at MMVTU and July at 2063 cents, as the domestic market absorbed the impact of price-driven production cuts along with strong early summer cooling demand and the return of free-port LNG for maintenance. Throughout the quarter, the supply demand balance remained delicate in the LNG market. Looking at the center charts, global LNG trade growth was constrained by minimal supply growth during the quarter, with Asia's increased demand met by attracting cargo from the Atlantic Basin via higher prices.

Anatol Feygin: We expect this seemingly fragile market balance to continue until additional LNG export capacity comes online. Let's address the regional dynamics in the next page. In Asia, LNG imports grew 11% for 6.7 million tons year-on-year in the second quarter. Extreme temperatures across the region lifted gas power demand, while relatively lower prices in the first quarter and early second quarter spurred spot buying, resulting in significant increases throughout the first half of the year. China's LNG imports grew 16% or 5.2 million tons in the first half of 24, with a lower growth rate in the second quarter as prices strengthened.

Anatol Feygin: We expect this seemingly fragile market balance to continue until additional LNG export capacity comes online.

Anatol Feygin: In Asia, LNG imports grew 11% or 6.7 million tons year-on-year in the second quarter. Extreme temperatures across the region lifted gas power demand, while relatively lower prices in the first quarter and early second quarter spurred spot buying, resulting in significant increases throughout the first half of the year. China's LNG imports grew 16 percent, or 5.2 million tons, in the first half of 2004, with a lower growth rate in the second quarter as prices strengthened.

Speaker Change: Let's address the regional dynamics of the next page.

Anatol Feygin: In Asia, LNG imports grew 11% or 6.7 million tons year-on-year in the second quarter.

Anatol Feygin: Extreme temperatures across the region lifted gas power demand, while relatively lower prices in the first quarter and early second quarter spurred spot buying, resulting in significant increases throughout the first half of the year. China's LNG imports grew 16%, or 5.2 million tons, in the first half of 2024, with a lower growth rate in the second quarter as prices strengthened. A 10% year-on-year increase in the country's overall gas demand in the first half of the year underpinned this LNG import growth, particularly when prices were conducive to LNG spot buying.

Anatol Feygin: This demand pulled from Asia is further evidence by U.S. LNG export flows, which continued to shift from Europe to Asia during the quarter. The growth in global supply was partially offset as Egypt slipped back to an LNG importer and other export facilities suffered protractive outages. The limited incremental supply, Asia's consumption growth was primarily dominated by China and India, leading little volume for relatively new market areas such as Hong Kong, Vietnam, and the Philippines, which actually became our 40th delivery market last week.

Anatol Feygin: China's LNG imports grew 16 percent, or 5.2 million tons, in the first half of 2024, with a lower growth rate in the second quarter as prices strengthened.

Anatol Feygin: A 10% year-on-year increase in the country's overall gas demand in the first half of the year underpinned this LNG import growth, particularly when prices were conducive to LNG spot buying. Roughly a quarter of this gas demand growth was met by pipeline imports, consistent with a planned ramp up in Russian gas deliveries through Power of Siberia, and the remaining 75% of the growth was evenly split between indigenous production and LNG imports. Elsewhere in Asia, India's imports reached over 7 million tons in the second quarter. A 21% increase year on year. This growth propelled South and Southeast Asian imports to new highs, resulting in 6.4 million tons for 23% of cumulative growth through the first half of the year.

Anatol Feygin: A 10% year-on-year increase in the country's overall gas demand in the first half of the year underpinned this LNG import growth, particularly when prices were conducive to LNG spot buying. Roughly a quarter of this gas demand growth was met by pipeline imports, consistent with the planned ramp-up in Russian gas deliveries through Power of Siberia, and the remaining 75% of the growth was evenly split between indigenous production and LNG imports. Elsewhere in Asia, India's imports reached over 7 million tons in the second quarter, a 21% increase year on year.

Anatol Feygin: A 10% year-on-year increase in the country's overall gas demand in the first half of the year underpinned its LNG import growth, particularly when prices were conducive to LNG spot buying.

Anatol Feygin: Roughly a quarter of this gas demand growth was met by pipeline imports, consistent with the planned ramp-up in Russian gas deliveries through the power of Siberia, and the remaining 75% of the growth was evenly split between indigenous production and LNG imports. Elsewhere in Asia, India's imports reached over 7 million tons in the second quarter, a 21% increase year on year.

Anatol Feygin: Roughly a quarter of this gas demand growth was met by pipeline imports, consistent with the planned ramp-up in Russian gas deliveries through power of Siberia. And the remaining 75 percent of the growth was evenly split between indigenous production and LNG imports.

Anatol Feygin: We expect this seemingly fragile market balance to continue until additional LNG export capacity comes online.

Anatol Feygin: Elsewhere in Asia, India's imports reached over 7 million tons in the second quarter, a 21% increase year on year.

Anatol Feygin: This growth propelled South and Southeast Asian imports to new highs, resulting in 6.4 million tons, or 23% of cumulative growth through the first half of the year. Other markets in the region also saw similar upticks, including Pakistan, Thailand, as well as Singapore, which saw increased use of L&D and bunkering up. In Europe, imports were lower by about 13.4 million tons year on year in the first half. Nevertheless, despite a modest 5% uptick in industrial sector demand in the six key markets we track, total gas demand in the region remained 4.3% below the comparable period last year. However, Europe will still need significant volumes of LNG now and in the long term and will continue to compete with Asia as domestic production and regional pipe imports continue to decline.

Anatol Feygin: This growth propelled South and Southeast Asian imports to new highs, resulting in 6.4 million tons, or 23% of cumulative growth through the first half of the year. Other markets in the region also saw similar upticks, including Pakistan, Thailand, as well as Singapore, which saw increased use of L&D and bunkering operations. This growth in demand resulted in steady competition for cargoes among markets across Asia and sustained a JPM premium over TTF. However, in Europe, imports were lower by about 13.4 million tons year on year in the first half.

Anatol Feygin: Let's address the regional dynamics in the next page. In Asia, LNG imports grew 11% for 6.7 million tons year on year in the second quarter. Extreme temperatures across the region lifted gas power demand while relatively lower prices in the first quarter and early second quarter spurred spot buying, resulting in significant increases throughout the first half of the year. China's LNG imports grew 16% or 5.2 million tons in the first half of 24, with a lower growth rate in the second quarter as prices strengthened.

Anatol Feygin: This growth propelled South and Southeast Asian imports to new highs, resulting in 6.4 million tons, or 23 percent, of cumulative growth through the first half of the year.

Anatol Feygin: Other markets in the region also sell similar optics, including Pakistan, Thailand, as well as Singapore, which saw increased use of LNG and bunkering operations. This growth and demand resulted in steady competition for cargos among markets across Asia and sustained the JPM premium over TTF. In Europe, imports were lower by about 13.4 million tons year on year in the first half. Despite a modest 5% uptick in industrial sector demand in the six key markets we tracked, total gas demand in the region remained 4.3% below the comparable period last year. As shown on the chart on the low right, strong seasonal generation from hydropower and wind and healthy nuclear power generation suppressed gas power across the key European markets, resulting in an 18% year-on-year drop in gas burn in the first half of the year.

Anatol Feygin: Other markets in the region also saw similar upticks, including Pakistan, Thailand, as well as Singapore, which saw increased use of L&D and bunkering operations.

Anatol Feygin: A 10% year on year increase in the country's overall gas demand in the first half of the year underpinned this LNG import growth, particularly when prices were conducive to LNG spot buying. Roughly a quarter of this gas demand growth was met by pipeline imports, consistent with a planned ramp up in Russian gas deliveries through power of Siberia, and the remaining 75% of the growth was evenly split between indigenous production and LNG imports.

Anatol Feygin: This growth in demand resulted in steady competition for cargos among markets across Asia and sustained a JKM premium over TTF.

Anatol Feygin: In Europe , imports were lower by about 13.4 million tons year-on-year in the first half.

Anatol Feygin: Despite a modest 5% uptick in industrial sector demand in the six key markets we track, total gas demand in the region remained 4.3% below the comparable period last year. As shown in the chart on the lower right, strong seasonal generation from hydropower and wind and healthy nuclear power generation suppress gas fire power across the key European markets, resulting in an 18% year-on-year drop in gas burn in the first half of the year. In addition, mild temperatures for most of the quarter further limited heating.

Anatol Feygin: Despite a modest 5% uptick in industrial sector demand in the six key markets we track, total gas demand in the region remained 4.3% below the comparable period last year.

Anatol Feygin: As shown on the chart on the lower right, strong seasonal generation from hydropower on wind and healthy nuclear power generation suppressed gas-fired power across the key European markets, resulting in an 18 percent year-on-year drop in gas burn in the first half of the year.

Anatol Feygin: Elsewhere in Asia, India's imports reached over 7 million tons in the second quarter. A 21% increase year on year. This growth propelled South and Southeast Asian imports to new highs, resulting in 6.4 million tons for 23% of cumulative growth through the first half of the year. Other markets in the region also sell similar optics including Pakistan, Thailand, as well as Singapore, which saw increased use of LNG and Bunkering operations. This growth and demand resulted in steady competition for cargos among markets across Asia and sustained the JPM premium over TTF.

Anatol Feygin: In addition, mild temperatures for most of the quarter further limited heating demand.

Anatol Feygin: These dynamics enabled Europe to resell storage inventories at just above last year's level. EU gas storage stood at approximately 83% full as of July 20, almost meeting the previous record of 84%, except for the comparable period during the pandemic back in 2020. In the absence of weather-supported demand in Europe and amid delays in new LNG facility start-ups, EGLE's demand growth trajectory will likely serve as the main factor impacting the availability of LNG to Europe and its storage fill rate.

Anatol Feygin: These dynamics enabled Europe to refill storage inventories at just above last year's level. EU gas storage stood at approximately 83% full as of July 20th, almost meeting the previous record of 84%, except for the comparable period during the pandemic back in 2020.

Anatol Feygin: In the absence of whether supported demand in Europe and amid delays in new LNG facility startups, even as demand growth trajectory will likely serve as the main factor impacting availability of LNG to Europe and its storage fill track. Let's move to the next slide for a long-term perspective. After nearly two full years of focus on Europe and its energy crisis, Asia has, in the first half of '24, regained a spotlight in the LNG marketplace. We believe this rebound is supportive of our long-term market thesis, namely that as the supply curve pushes out into the right and market liquidity continues to increase in the coming years, we will see incremental demand growth in both Europe and Asia.

Anatol Feygin: In the absence of weather-supported demand in Europe , and amid delays in new LNG facility start-ups, Asia's demand growth trajectory will likely serve as the main factor impacting availability of LNG to Europe and its storage fill track.

Anatol Feygin: In Europe imports were lower by about 13.4 million tons year on year in the first half. Despite a modest 5% uptick in industrial sector demand in the six key markets we tracked, total gas demand in the region remained 4.3% below the comparable period last year. As shown on the chart on the low right, strong seasonal generation from hydropower and wind and healthy nuclear power generation suppressed gas power across the key European markets, resulting in an 18% year on year drop in gasburn in the first half of the year.

Anatol Feygin: Let's move to the next slide for a longer-term perspective. After nearly two full years of focus on Europe and its energy crisis, Asia has, in the first half of 2024, regained the spotlight in the LNG market. We believe this rebound is supportive of our long-term market thesis, namely that as the supply curve pushes out and to the right, and market liquidity continues to increase in the coming years, we will see incremental demand growth in both Europe and Asia.

Anatol Feygin: that's move to next side for a longterm perspective

Anatol Feygin: After nearly two full years of focus on Europe and its energy crisis,

Anatol Feygin: Asia has, in the first half of 24, regained the spotlight in the LNG marketplace.

Anatol Feygin: We believe this rebound is supportive of our long-term market thesis, namely that as the supply curve pushes out and to the right, and market liquidity continues to increase in the coming years, we will see incremental demand growth in both Europe and Asia.

Anatol Feygin: Market analysts agree that Asia remains the primary driver of LNG demand growth over the longer term. As you can see from the charts left, we expect Asian demand to nearly double by 2040, so long the supply availability is not constrained. However, Europe will still need significant volumes of LNG now, and in the long term, it will continue to compete with Asia as domestic production and regional pipe imports continue to decline. As Jack highlighted earlier, we signed a new long-term escape with GAL, which is expected to extend beyond 2050. Since the beginning of 22, we have signed over 5 million tons of random long-term contracts with European counterparties, who value the reliability and flexibility of our LNG, further reinforcing the long-term role of LNG in Europe's energy mix.

Anatol Feygin: Market analysts agree that Asia remains the primary driver of LNG demand growth over the longer term. As you can see from the charts to the left, we expect Asian demand to nearly double by 2040, so long as supply availability is not constrained. However, Europe will still need significant volumes of LNG now and in the long term and will continue to compete with Asia as domestic production and regional pipe imports continue to decline. As Jack highlighted earlier, we signed a new long-term SDA with Gallup, which is expected to extend beyond 2015.

Anatol Feygin: In addition, mild temperatures from most of the quarter are further limited heating demands. These dynamics enabled Europe to refill storage inventories at just above last year's level. EU gas storage stood at approximately 83% full as a July 20th, almost meeting the previous record of 84% set for the comparable periods during the pandemic back in 2020. In the absence of whether supported demand in Europe and amid delays in new LNG facility startups, even as demand growth trajectory will likely serve as the main factor impacting availability of LNG to Europe and its storage fill track.

Anatol Feygin: Market analysts agree that Asia remains the primary driver of LNG demand growth over the longer term.

Anatol Feygin: As you can see from the charts on the left, we expect Asian demand to nearly double by 2040, so long as supply availability is not constrained.

Anatol Feygin: however europe will still need significant volumes of lng now and in the long-termmin will continue to compete with asia as domestic production and regional pipe imports continue to decline

Anatol Feygin: As Jack highlighted earlier, we signed a new long-term SDA with Gallup, which is expected to extend beyond 2050.

Anatol Feygin: Since the beginning of 2022, we have signed over 5 million tons per annum of long-term contracts with European counterparties, who value the reliability and flexibility of our LNG, further reinforcing the long-term role of LNG in Europe's energy... On the right side, we delineate expected growth by region. This highlights that growth in Asia is not driven by China alone but is rather spread across numerous Asian markets, enhancing the durability of growth in the region over the coming decade.

Speaker Change: Since the beginning of 2022, we have signed over 5 million tons per annum of long-term contracts with European counterparties who value the reliability and flexibility of our LNG, further reinforcing the long-term role of LNG in Europe's energy mix.

Anatol Feygin: Let's move to the next slide for a long term perspective. After nearly two full years of focus on Europe and its energy crisis, Asia has in the first half of 24 regained a spotlight in the LNG marketplace. We believe this rebound is supportive of our long-term market thesis, namely that as the supply curve pushes out into the right and market liquidity continues to increase in the coming years, we will see incremental demand growth in both Europe and Asia.

Anatol Feygin: On the right side, we delineate expected growth by region. This highlights the growth in Asia is not driven by China alone, but rather is spread across numerous markets in Asia, enhancing the durability of growth in the region over the coming decades. On previous calls, we have highlighted the significant growth potential of South and Southeast Asia markets and believe that these stands to particularly benefit from the coming increase in LNG supply, supporting grid stability and ensuring system flexibility and resilience. Ahead of this supply cycle, we expect the market to continue to balance primarily on the demand side.

Anatol Feygin: on the right side we delineate expected growth by region

Anatol Feygin: This highlights that growth in Asia is not driven by China alone, but rather is spread across numerous markets in Asia, enhancing the durability of growth in the region over the coming decades.

Anatol Feygin: In previous calls, we have highlighted the significant growth potential of South and Southeast Asian markets and believe that these stand to particularly benefit from the coming increase in LNG supply, supporting grid stability, and ensuring system flexibility and resilience. Ahead of this supply cycle, we expect the market to continue to balance primarily on the demand side. The expectation of growing supply from 2026 onwards should alleviate the constraints on demand growth, especially as moderate, prompt LNG and gas prices prevail.

Anatol Feygin: On previous calls, we have highlighted the significant growth potential of South and Southeast Asia markets and believe that these stand to particularly benefit from the coming increase in LNG supply, supporting grid stability, and ensuring system flexibility and resiliency.

Anatol Feygin: Ahead of this supply cycle, we expect the market to continue to balance primarily on the demand side. The expectation of growing supply from 2026 onwards should alleviate the constraints on demand growth, especially as moderate, prompt LNG and gas prices prevail.

Anatol Feygin: The expectation of growth supply from 2026 onwards should alleviate the constraints on demand growth, especially as moderate, prompt LNG and gas prices prevail. This would help both Europe and Asia equally in realizing security supply, as Europe will be better able to meet its requirements to replace Russian gas while backstopping growth and renewables, and Asia will be better equipped to displace coal and offset regional production declines while underpinning investments in gas infrastructure and high-growth developing economies.

Anatol Feygin: This should help both Europe and Asia equally in realizing security of supply, as Europe will be better able to meet its requirements to replace Russian gas, while backstopping growth and renewables, and Asia will be better equipped to displace coal and offset regional production declines, while underpinning investments in gas infrastructure and high-growth developing economies. With that, I'll turn the call over to Zach to review our financial results and guidance.

Anatol Feygin: This should help both Europe and Asia equally in realizing security of supply.

Anatol Feygin: Since the beginning of 22, we have signed over 5 million tons of random of long-term contracts with European counterparties, who value the reliability and flexibility of our LNG further reinforcing the long-term role of LNG in Europe's energy mix.

Anatol Feygin: As Europe will be better able to meet its requirements to replace Russian gas while backstopping growth and renewables, and Asia will be better equipped to displace coal and offset regional production declines while underpinning investments in gas infrastructure in high-growth developing economies.

Zach Davis: With that, I'll turn the call over to Zach to review our financial results and guidance. Thanks, Anatole, and good morning, everyone. I'm pleased to be here today to review our second quarter's 2024 results.

Zach Davis: Thanks, Anatol, and good morning, everyone. I'm pleased to be here today to review our second quarter's 2020 full results, Keith and Russell's accomplishments, and increased guidance for the years. Turn to slide 13.

Anatol Feygin: With that, I'll turn the call over to Zach to review our financial results and guidance.

Speaker Change: thanksanatall in good morning everyone

Zach Davis: Peace and national accomplishments, and increased guidance for the years. Turn to slide 13. For the second quarter of 2024, we generated net income of approximately $880 million, consolidated adjusted EBITDA of approximately $1.3 billion. With these second-quarter results, we have now reported positive net income on a quarterly income order trailing four-quarter basis, seven quarters in a row. Compared to last year, a second-quartered 2024 results reflect a higher proportion of our L&D being sold under long-term contracts, as well as further moderation of international gas prices relative to last year. Compared to the first quarter this year, a production was lowered in the second quarter due to the planned maintenance at both Sabine Tax and Corpus Coasty, which got detailed, as well as warmer ambient temperatures at Sabine.

Speaker Change: I'm pleased to be here today to review our second quarter 2024 results, key financial accomplishments, and increase guidance for the year.

Zach Davis: For the second quarter of 2024, we generated net income of approximately $880 million and consolidated the Justice Evita from approximately $1.3 billion in the approval cast of approximately $700 million. With these second quarter results, we have now reported positive net income on a quarterly and two-order, trailing four-quarter basis, Sherman-colders, and a rep. Compared to last year, our second quarter 2024 results reflect a higher proportion of our L&D being sold under long-term contracts, as well as further moderation of international gas prices relative to last year.

Zach Davis: For the second quarter of 2024, we generated net income of approximately $880 million, consolidated adjusted EBITDA of approximately $1.3 billion, and a payroll cash flow of approximately $700 million. During the second quarter, we recognized in revenue 552 TDPU of physical LNG, all of which was produced by our facility.

Zach Davis: turned to slide thirteen

Zach Davis: For the 2nd quarter 2024, we generated net income of approximately 880 million dollars, consolidated adjusted EBITDA of approximately 1.3 billion dollars, and distributed cash flow of approximately 700 million dollars.

Anatol Feygin: Ahead of this supply cycle, we expect the market to continue to balance primarily on the demand side. The expectation of growth supply from 2026 onwards should alleviate the constraints on demand growth, especially as moderate, prompt LNG and gas prices prevail. This would help both Europe and Asia equally in realizing security supply, as Europe will be better able to meet its requirements to replace Russian gas while backstopping growth and renewables, and Asia will be better equipped to displace coal and offset regional production declines while underpinning investments in gas infrastructure and high-growth developing economies.

Zach Davis: With these second quarter results, we have now reported positive net income on a quarterly and cumulative trailing four-quarter basis, seven quarters in a row.

Zach Davis: Compared to last year, our second quarter 2024 results reflect a higher proportion of our L&D being sold under long-term contracts, as well as further moderation of international gas prices relative to last year.

Zach Davis: Compared to the first quarter this year, production was lower in the second quarter due to plant maintenance at both Sabine Toss and Corpus Coastine, which got detailed, as well as warmer ambient temperatures at Sabine.

Speaker Change: compared to the first quarter this year a production was lower in the second quarter due to the planned maintenance at both for being taxed and corpus coastine tract detailed as well as warmer ambient temperatures at sev

Zach Davis: With that, I'll turn the call over to Zach to review our financial results in guidance. Thanks, Anatole, and good morning, everyone. I'm pleased to be here today to review our second quarter's 2024 results.

Zach Davis: During the second quarter, we recognize in-income 552 TDPU of physical L&D, all of which was produced by our facilities. Approximately 93% of these L&D volumes recognized in income were sold under long-term SBA or IPM agreements, with initial terms greater than 10 years, which makes this past quarter our most contracted quarter to date. Thanks to the team's focus on execution and operational excellence, we have generated over $3 billion as consolidated adjusted EBITDA and nearly $2 billion of distributed gas flow in the first half of 2024, boosting our confidence in the increased forecast for the remainder of the year, which I'll address further on the next slide.

Zach Davis: During the second quarter, we recognized an income of $552 TBPU of physical LNG, all of which was produced by our facility. Approximately 93% of these LNG volumes recognized in income were sold under long-term SBA or IPM agreements with initial terms greater than 10 years, which makes this past quarter our most contracted quarter to date. Thanks to the team's focus on execution and operational excellence, we generated over $3 billion of consolidated adjusted EBITDA and nearly $2 billion of distributable cash flow in the first half of 2024, boosting our confidence in the increased forecast for the remainder of the year, which I'll address further on the next slide.

Zach Davis: During the second quarter, we recognized in income 552 TBTU of physical LNG, all of which was produced by our facilities.

Zach Davis: Peace and national accomplishments, and increased guidance for the years. Turn to slide 13. For the second quarter of 2024, we generated net income of approximately $880 million, consolidated adjusted EBITDA on approximately $1.3 billion. With these second-quarter results, we have now reported positive net income on a quarterly income order trailing four-quarter basis, seven-quarter in a row. Compared to last year, a second-quartered 2024 results reflect a higher proportion of our L&D being sold under long-term contracts, as well as further moderation of international gas prices relative to last year.

Zach Davis: Approximately 93% of these LNG volumes recognized in income were sold under long-term SBA or IPM agreements with initial terms greater than 10 years, which makes this past quarter our most contracted quarter today. Thanks to the team's focus on execution and operational excellence, we generated over $3 billion of consolidated adjusted EBITDA and nearly $2 billion of distributable cash flow in the first half of 2024, boosting our confidence in the increased forecast for the remainder of the year, which I'll address further on the next slide. The Capital Allocation Update Interview was a powerful statement about Tenure's performance, capital allocation today, and our outlook to grow cash flow per share in the future. Perhaps just as important as visibility is flexibility.

Zach Davis: Thanks to the team's focus on execution and operational excellence, we have generated over $3 billion of consolidated adjusted EBITDA and nearly $2 billion of distributable cash flow in the first half of 2024.

Zach Davis: Boosting our confidence in the increased forecast for the remainder of the year, which I'll address further on the next slide.

Zach Davis: The strong financial results enabled our teams to deploy another approximately $1.2 billion under our comprehensive capital allocation plan toward shareholder returns, balance heat management, and accretive growth during the second quarter alone, bringing total gas deployed towards our 2020 victims to over $11 billion, with over $3 billion in the first half of 2024. This accelerated progress prompted us to increase our share repurchase authorization by another $4 billion through 2027, along with plans to increase our quarterly dividend by 15% next quarter to $2 per share annualized, as well as extend the dividend annual growth target going forward at 10% through the decade.

Zach Davis: Strong financial results enabled our team to deploy another approximately $1.2 billion under our comprehensive capital allocation plan towards shareholder returns, balance sheet management, and accretive growth during the second quarter alone, bringing total cash deployed towards our 2020 vision to over $11 billion, with over $3 billion in the first half of 2024.

Zach Davis: The strong financial results enabled our team to deploy another approximately 1.2 billion dollars under our comprehensive capital allocation plan toward shareholder returns, balance sheet management, and accretive growth during the second quarter alone.

Zach Davis: Compared to the first quarter this year, a production was lowered in the second quarter due to the planned maintenance at both Sabine Tax and Corpus Coasty, which got detailed, as well as warmer ambient temperatures at Sabine. During the second quarter, we recognize in-income 552 TDPU of physical L&D, all of which was produced by our facilities. Approximately 93% of these L&D volumes recognized in-income were sold under long-term SBA or IPM agreements, with initial terms greater than 10 years, which makes this past quarter our most contracted quarter today.

Zach Davis: Bringing total cash deployed towards our 2020 vision to over $11 billion, with over $3 billion in the first half of 2024.

Zach Davis: This accelerated progress prompted us to increase our share repurchase authorization by another $4 billion through 2027, along with plans to increase our quarterly dividend by 15% next quarter to $2 per share annualized, as well as to extend the dividend's annual growth target going forward of 10% through the decade. These announcements demonstrate continued follow-through of our stated objectives to deploy at least $20 billion to further reduce share counts and enhance capital returns while retaining financial flexibility to fund accretive growth in order to generate over $20 per share of run-rate distributable cash flow for our shareholders later this decade.

Speaker Change: this accelerated progress pomid a to increase fa repurchaseauthor basing by another four billion dollars through two thousand and twenty seven along with plans to increase a quarterly dividend by sixfifteen percent next quarter to two dollars per share annualized

Zach Davis: As well as to extend the dividend's annual growth target going forward of 10% through the decade.

Zach Davis: These announcements demonstrate continued follow-through of our stated objectives to deploy at least $20 billion to further reduce share count and enhance capital returns while retaining financial flexibility to fund accretive growth in order to generate over $20 per share to run rate the suitable cash flow for our shareholders later this decade. The capital allocation update in June was a powerful statement about some years' performance, capital allocation today, and our outlook to grow cash flow per share in the future. At the foundation of our 2020 distance plan is our multi-decade six-speed contract with investment-grade customers, coupled with our excellence in energy operations, which gives us significant visibility into the billions of dollars of annual cash flow for the long term.

Zach Davis: Thanks to the team's focus on execution and operational excellence, we have generated over $3 billion as consolidated adjusted EBITDA and nearly $2 billion of distributed gas flow in the first half of 2024, boosting our confidence in the increased forecast for the remainder of the year, which I'll address further on the next slide. The strong financial results enabled our teams to deploy another approximately $1.2 billion under our comprehensive capital allocation plan toward shareholder returns, balance heat management, and accretive growth during the second quarter alone, bringing total gas deployed towards our 2020 victims to over $11 billion, with over $3 billion in the first half of 2024.

Zach Davis: these announcements demonstrate continued followthrough of our standard objective

Zach Davis: To deploy at least $20 billion to further reduce share counts and enhance capital returns while retaining financial flexibility to fund accretive growth in order to generate over $20 per share of run rate distributable cash flow for our shareholders later this decade.

Zach Davis: The capital allocation update in June was a powerful statement about Tenere's performance, capital allocation today, and our outlook to grow Caspo Per Seire in the future. At the foundation of our 2020 Jason plan is our multi-decade, fixed fee contracts with investment grade cuts. Combined with our excellence in LNG operations, this gives us significant visibility into billions of dollars of annual cash flow for the long term. Perhaps just as important as visibility is flexibility.

Speaker Change: The capital allocation update in June was a powerful statement about CMEA's performance, capital allocation today, and our outlook to grow cash flow per share in the future.

Zach Davis: At the foundation of our 2020 vision plan is our multi-decade fixed-fee contracts with investment-grade customers.

Zach Davis: coupled with our excellence in LNG operations.

Zach Davis: This accelerated progress prompted us to increase our share repurchase authorization by another $4 billion through 2027, along with plans to increase our quarterly dividend by 15% next quarter to $2 per share annualized, as well as extend the dividend annual growth target going forward at 10% through the decade. These announcements demonstrate continued follow-through of our stated objectives to deploy at least $20 billion to further reduce share count and enhance capital returns while retaining financial flexibility to fund accretive growth in order to generate over $20 per share to run rate the suitable cash flow for our shareholders later this decade.

Zach Davis: which gives us significant visibility into the billions of dollars of annual cash flow for the long term.

Zach Davis: Perhaps just as important as visibility is flexibility, maintaining and enhancing our ID ratings instead of growing the dividend to a reasonable payout over time provide ideal financial flexibility, which enables us to maintain a robust buyback plan while simultaneously funding a creative growth growth within cash flow, which will improve both the numerator and denominator of our run rate DCF per share goal. As Jack mentioned, the capital allocation plan is designed to provide investors with the framework which they can take confidence, thanks to our capital visibility and financial flexibility to enable sustainable long-term value creation. During the second quarter, we repurposed over 3.1 billion shares to approximately $500 million.

Zach Davis: Maintaining and enhancing our ID ratings and steadily growing the dividend to a reasonable payout over time provides ideal financial flexibility, which enables us to maintain a robust buyback plan while simultaneously funding accretive brownfield growth within cash flow, which will improve both the numerator and denominator of our run rate DCF per share goals. As Jack mentioned, the Capital Allocation Plan is designed to provide investors with a framework in which they can have confidence thanks to our capital visibility and financial flexibility to enable sustainable long-term value creation. During the second quarter, we repurposed over 3.1 million shares for approximately $500 million.

Zach Davis: Perhaps just as important as visibility is flexibility.

Speaker Change: maintaining and enhancing our id readatings insteadily growing thedividend to a reasonable payout over time provide ideal financial flexibility which enables us to maintain a robust byy that pl while simultaneously timing ataccretive boutfgrow growth within cash flow

Zach Davis: which will improve both the numerator and denominator of our run rate DCF per share goals.

Zach Davis: As Jack mentioned, the Capital Allocation Plan is designed to provide investors with a framework in which they can take confidence thanks to our cash flow visibility and financial flexibility to enable sustainable long-term value creation.

Zach Davis: The capital allocation update in June was a powerful statement about some years' performance capital allocation today and our outlook to grow cash flow per share in the future. At the foundation of our 2020 distance plan is our multi-decade six-speed contract with investment-grade customers, coupled with our excellence in energy operations, which gives us significant visibility into the billions of dollars of annual cash flow for the long-term. Perhaps just as important as visibility is flexibility, maintaining and enhancing our ID ratings instead of growing the dividend to a reasonable payout over time provide ideal financial flexibility, which enables us to maintain a robust buyback plan while simultaneously funding a creative growth growth within cash flow, which will improve both the numerator and denominator of our run rate DCF per share goal.

Zach Davis: During the second quarter, we repurposed over 3.1 million shares for approximately $500 million.

Zach Davis: Helping bring our total shares outstanding to approximately $226 million today. The buyback program continues to work as designed, deploying allocated capital into the stock, which can increase significantly in periods of sustained dislocation, as we saw in the first half. Over the next few quarters, we'll focus on paying down the remaining outstanding principle of the SBL 2025 notes, after which point we will not have any debt returning until the middle of 2026.

Zach Davis: Helping bring our total shares outstanding to approximately $226 million today. The buyback program continues to work as designed, deploying allocated capital into the stock, which can increase significantly in periods of sustained dislocation, as we saw in the first half. While the amount of shares repurchased in the second quarter trails that of the first quarter, it's important to remember that the first quarter's nearly $1.2 billion of share repurchases was enabled in part by the accumulation of some cash in the plan over the preceding several quarters, which was unlocked as the stock underperformed in Q1 and into Q2.

Zach Davis: The 5X program continues to work as design, deploying allocated capital into the stock which can increase significantly and periods the sustained dislocation, as we saw in the first half. All the amount of shares repurchased in the second quarter trails that of the first quarter. It's important to remember that the first quarter's nearly $1.2 billion of share repurchases was enabled in part by the accumulation of some cash in the plan over the preceding several quarters, which was unlocked as the stock underperformed Q1 and Q2. With the upside share repurchase operation commencing at the start of the third quarter, we remain committed in a contract to return all of the approximately 200 billion shares upstanding later this decade.

Zach Davis: bring our total shares outstanding to approximately two hundred and twenty -six million today

Zach Davis: The buyback program continues to work as designed, deploying allocated capital into the stock, which can increase significantly in periods of sustained dislocation, as we saw in the first half.

Zach Davis: While the amount of shares repurchased in the second quarter trails that of the first quarter, it's important to remember that the first quarter's nearly $1.2 billion of share repurchases

Speaker Change: was enabable inpart by the acfum of some catast in the plan over the proceing several quarters which was unlocked as the stomach under performing q one and eighteq two

Zach Davis: With the upsides of their repurchase authorization, commencing at the start of the third quarter, we remain committed to an attack to return all of the approximately 200 million shares outstanding later this decade and opportunistically complete the upsized $4 billion buyback program by 2027. Moving to the balance sheet, we issued our second investment-grade bond at CQP in May, and in June, we used the $1.2 billion of proceeds from the 5.75% senior notes to redeem approximately $1.2 billion of the 5.625% senior secured notes at SBL due 2025. Consistent with prior influence,

Zach Davis: As Jack mentioned, the capital allocation plan is designed to provide investors with the framework which they can take confidence thanks to our capital visibility and financial flexibility to enable sustainable long-term value creation. During the second quarter, we repurposed over 3.1 billion shares to approximately $500 million. The 5X program continues to work as design, deploying allocated capital into the stock which can increase significantly and periods the sustained dislocation, as we saw in the first half.

Zach Davis: With the upsized share repurchase authorization commencing at the start of the third quarter, we remain committed in our track to reach our goal of approximately 200 million shares upstanding later this decade and opportunistically complete the upsized $4 billion buyback program by 2027.

Zach Davis: An opportunistically can pretty be upsized for a billion dollar by that program by 2027. Moving to the balance sheet, we issued a second investment-grade bond at CQP in May. In June, we used the $1.2 billion approach from the 5.75% senior notes to redeem approximately $1.2 billion of the 5.65% senior secured notes at SBL due to 2025. Consistent with prior issuances, this transaction extends our maturity profile, while further desecuring and desubordinating our consolidated balance sheet by moving secured project debt from SBL to unsecured corporate debt at CQP. During the quarter, we also fully retired the 2024 SBL note, retaining the remaining approximately $150 million of outstanding principles with cash on hand.

Zach Davis: Moving to the balance sheet.

Zach Davis: We issued our second investment-grade bond at CQP in May.

Zach Davis: And in June , we used the $1.2 billion of proceeds from the 5.75% senior notes to redeem approximately $1.2 billion of the 5.625% senior secured notes at SBL due to 2025.

Zach Davis: [inaudible] This transaction extends our maturity profile while further de-securing and de-subordinating our consolidated balance sheet by moving secured project debt from SBL to unsecured corporate debt at CQP. During the quarter, we also fully retired the 2024 SBL notes, repaying the remaining approximately $150 million of outstanding principal with cash on hand. Over the next few quarters, we'll focus on our debt paydown on the remaining outstanding principle of the SBL 2025 notes, after which point we will not have any debt maturing until the middle of 2026.

Zach Davis: Consistent with prior issuances, this transaction extends our maturity profile while further de-securing and de-subordinating our consolidated balance sheet by moving secured project debt from SBL to unsecured corporate debt at CQP.

Zach Davis: All the amount of shares repurchased in the second quarter trails that of the first quarter. It's important to remember that the first quarter's nearly $1.2 billion of share repurchases was enabled in part by the accumulation of some cash in the plan over the preceding several quarters which was unlocked as the stock underperforming Q1 and Q2. With the upside share repurchase operation commencing at the start of the third quarter, we remain committed in an contract to return all of the approximately 200 billion shares upstanding later this decade.

Zach Davis: During the quarter, we also fully retired the 2024 SBL notes, repaying the remaining approximately $150 million of outstanding principal with cash on hand.

Zach Davis: Over the next few quarters, we'll focus on our debt paydown on the remaining outstanding principles of the SBL 2025 notes, after which point we will not have any debt return until the middle of 2026. The rating agencies continue to recognize our progress on the balance sheet. In May, in conjunction with the CQP issuance, Moody's upgraded both CQP and SBL to BWA2 and BWA1 respectively. Representing a double upgrade at CQP. And in July, Fitch upgraded CCH to Triple B plus. These positive rating actions reflect our balance sheet management today and our commitment to opportunistically deliver and desubordinate going forward as we target long-term leverage upon their four times run rate EBITDA and triple B corporate credit ratings at both LNG and CQP.

Zach Davis: The rating agencies continue to recognize our progress on the balance sheet. In May, in conjunction with the CQP issuance, Moody's upgraded both CQP and SBL to BAA2 and BAA1, respectively. Representing a double upgrade at CQP. And in July, Fitch upgraded CCH to BBB+. These positive ratings actions reflect our balance sheet management to date and our commitment to opportunistically delever and desubordinate going forward as we target long-term leverage of under four times run rate EBITDA and BBB corporate credit ratings at both LNG and CQP. The corpus upgrade specifically is also a recognition of the significant progress achieved at Stage 3 to date. For the second quarter, we maintained a dividend of 43.5 cents per common share.

Zach Davis: An opportunistically can pretty be upsized for a billion dollar by that program by 2027. Moving to the balance sheet, we issued a second investment grade bond at CQP in May. In June, we used the $1.2 billion approach from the 5.75% senior notes to redeem approximately $1.2 billion of the 5.65% senior secured notes at SBL due to 2025. Consistent with prior issuances, this transaction extends our maturity profile, while further desecuring and desubordinating our consolidated balance sheet by moving secured project debt from SBL to unsecured corporate debt at CQP.

Zach Davis: The rating agencies continue to recognize our progress on the balance sheet.

Zach Davis: In May, in conjunction with the CQP issuance, Moody's upgraded both CQP and SBL to BAA2 and BAA1, respectively, representing a double upgrade at CQP.

Zach Davis: And in July, Fitch upgraded CCH to BBB+. As announced in June, we plan to increase the dividend by 15% to $2 annualized next quarter. Investment Grade Metrics, and Internally Generated Cash Flow funding at both Sabine and CorpBank. However, upcoming guidance related to the implementation of this tax, which is expected later this year, specifically regarding the taxing of unrealized derivatives, could impact the timing and amount of our cash tax payments this year and going forward.

Zach Davis: And in July , Fitch upgraded CCH to BBB+.

Zach Davis: these positive ratings actions reflect our balance sheet management to date

Zach Davis: and our commitment to opportunistically de-lever and de-subordinate going forward.

Zach Davis: As we target long-term leverage up under four times run rate EBITDA and BBB corporate credit ratings at both LNG and CQP.

Zach Davis: The corporate upgrade specifically is also a recognition of the significant progress achieved at stage three today. For the second quarter, we've maintained a dividend of 43.5 cents per common share. As announced in June, we plan to increase the dividend by 15% to $2 annualize next quarter. Beyond this year, we remain committed to our guidance of growing our dividend by approximately 10% annually, not just through 2026, but through the decade, at which point we'll be at a payout ratio of only about 20%, enabling us to maintain the financial flexibility essential to our comprehensive and balanced long-term capital allocation plan and growth objectives, with investment-grade metrics and internally generated cash flow funding at both Sabine and Corpus.

Zach Davis: During the quarter, we also fully retired the 2024 SBL note, retaining the remaining approximately $150 million of outstanding principles with cash on hand. Over the next few quarters, we'll focus on our debt paydown on the remaining outstanding principles of the SBL 2025 notes, after which point we will not have any debt return until the middle of 2026. The rating agencies continue to recognize our progress on the balance sheet. In May, in conjunction with the CQP issuance, Moody's upgraded both CQP and SBL to BWA2 and BWA1 respectively.

Zach Davis: The corpus upgrade specifically is also a recognition of the significant progress achieved at Stage 3 to date.

Speaker Change: For the second quarter, we've maintained a dividend of 43.5 cents per common share.

Zach Davis: As announced in June, we plan to increase the dividend by 15% to $2.00 annualized next quarter. Beyond this year, we remain committed to our guidance of growing our dividend by approximately 10% annually, not just through 2026 but through the decade, at which point we'll be at a payout ratio of only about 20%, enabling us to maintain the financial flexibility essential to our comprehensive and balanced long-term capital allocation plan and growth objectives.

Zach Davis: As announced in June , we plan to increase the dividend by 15% to $2.00 annualized next quarter.

Zach Davis: Beyond this year, we remain committed to our guidance of growing our dividend by approximately 10% annually.

Speaker Change: not just through two thousand and twenty-six but through the decade at which point will be at a payout ratio of only about twenty percent enabling us to maintain the financial flexibility essential to our comprehensive and balance long-term capital allocation plan and growth objectives

Zach Davis: Representing a double upgrade at CQP. And in July, Fitch upgraded CCH to triple B plus. These positive rating actions reflect our balance sheet management today and our commitment to opportunistically deliver and desubordinate going forward as we target long-term leverage upon their four times run rate EBITDA and triple B corporate credit ratings at both LNG and CQP. The corporate upgrade specifically is also a recognition of the significant progress achieved at stage three today. For the second quarter, we've maintained a dividend of 43.5 cents per common share.

Zach Davis: Investment Grade Metrics, and Internally Generated Cash Flow Funding at both Sabine and Corpus. During the quarter, we refunded approximately $400 million for CapEx on Stage 3, bringing total unlevered spend on the project to approximately $3.8 billion.

Zach Davis: With investment grade metrics and internally generated cash flow funding at both Sabine and Corpus.

Zach Davis: During the quarter, we've funded approximately $400 million for CAPEX on stage 3, bringing total unlevered spend on the project to approximately $3.8 billion. Front-loving the equity spend has enabled considerable interest savings, and we still have over $3 billion available on our CCH term length, as additional liquidity for CEI in the coming years through construction. We expect to spend between $1.5 to $2 billion in stage 3 CAPEX this year before accounting for any draws on the CCH term length. We maintain significant total liquidity in addition to our DCF forecast and therefore flexibility, with almost $3 billion of cash on hand, plus over $3 billion of available term length at CCH, as well as open revolvers across the Cheniere complex.

Zach Davis: During the quarter, we refunded approximately $400 million for CapEx on Stage 3, bringing total unlevered spend on the project to approximately $3.8 billion.

Zach Davis: Frontloading the equity spend has enabled considerable interest savings, and we still have over $3 billion available on our CCH term loan as additional liquidity for CEI in the coming years through construction. We expect to spend between $1.5 to $2 billion on Stage 3 CapEx this year before accounting for any draws on the CCH Terminal. We maintain significant total liquidity in addition to our DCF forecast and, therefore, flexibility, with almost $3 billion of cash on hand, plus over $3 billion of available term lines at CCH, as well as open revolvers across the Cheniere complex. I turned out to slide 14, where I will discuss or upwardly revise 2024 guidance.

Zach Davis: Front-loading the equity spend has enabled considerable interest savings, and we still have over $3 billion available on our CCH term loan as additional liquidity for CEI in the coming years through construction.

Zach Davis: We expect to spend between $1.5 to $2 billion in Stage 3 CapEx this year before accounting for any draws on the CCH Terminal.

Zach Davis: As announced in June, we plan to increase the dividend by 15% to $2 annualize next quarter. Beyond this year, we remain committed to our guidance of growing our dividend by approximately 10% annually, not just through 2026, but through the decade at which point we'll be at a payout ratio of only about 20%, enabling us to maintain the financial flexibility essential to our comprehensive and balanced long-term capital allocation plan and growth objectives, with investment-grade metrics and internally generated cashflow funding at both Sabine and Corpus.

Zach Davis: We maintain significant total liquidity, in addition to our DCF forecasts, and therefore flexibility, with almost $3 billion of cash on hand, plus over $3 billion of available term loan at CCH, as well as open revolvers across the Cheniere complex.

Zach Davis: Turn now to slide 14, where I will discuss or upwardly revise 2024 guidance. Today, we are raising and tightening a full year of 2024 guidance ranges to $5.7 to $6.1 billion in consolidated adjusted EBITDA from $5.5 to $6 billion and $3.1 to $3.5 billion in structural cash flow from $2.9 to $3.4 billion. Several factors contributed to our improved forecast for the year, primarily from additional production layered into the forecast to post our turnarounds, as well as optimization activities to use upstream and downstream of our facilities since the last call. As Jack noted, our maintenance programs not only minimize production impacts to both sites, but also unlock deficiencies at CCL that should offset the impacts to production from the winter storm we experienced in the first quarter into the second half of this year.

Zach Davis: Turn now to slide 14, where I will discuss our upwardly revised 2024 guidance.

Zach Davis: Today, we are raising and tightening our full-year 2024 guidance ranges to $5.7 to $6.1 billion in consolidated adjusted EBITDA from $5.5 to $6 billion, and $3.1 to $3.5 billion in structural cash flow from $2.9 to $3.4 billion. Several factors contributed to our improved forecast for the year, primarily from additional production layered into the forecast post our turnarounds, as well as optimization activities achieved upstream and downstream of our facilities since our last call.

Zach Davis: Today, we are raising and tightening our full year 2024 guidance ranges.

Zach Davis: to $5.7 to $6.1 billion in consolidated adjusted EBITDA from $5.5 to $6 billion and $3.1 to $3.5 billion in distributable cash flow from $2.9 to $3.4 billion.

Speaker Change: Several factors contributed to our improved forecast for the year, primarily from additional production layered into the forecast post our turnarounds, as well as optimization activities achieved upstream and downstream of our facilities since the last call.

Zach Davis: As Jack noted, our maintenance programs not only minimize production impacts at both sites but also unlock deficiencies at CCL that should offset the impacts to production from the winter storm we experienced in the first quarter into the second half of this year. Of course, we are still in hurricane season on the Gulf Coast, and while we had no impacts to our production from Hurricane Beryl last month, we keep a very close eye on potential hurricane impacts, as our expected results could be impacted by future weather events at our site.

Zach Davis: We maintain significant total liquidity in addition to our DCF forecast and therefore flexibility, with almost $3 billion of cash on hand, plus over $3 billion of available term length at CCH, as well as open revolvers across the Cheniere complex.

Zach Davis: Of course, we are still in hurricane season on the Gulf Coast, while we had no impacts to our production from Hurricane Barrel last month. We keep a very close eye on potential hurricane impacts, as our expected results could be impacted by future weather events at our sites. However, we've cited to tighten the guidance, considering we are now one of the halfway through the year, we've completed our major maintenance at both sites and a decent portion of the optimization has been locked in, on top of this being our most contracted year ever at a percentage basis.

Speaker Change: of course we are still in hurricane season on the gulf coast while we had no impacts to our production from hurrican barrel last month we keep a very close eyeon potential hurricane indeacts as our expected results could be impacted by future weather events at our sites

Zach Davis: However, we've set it to tighten the guidance, considering we are now one halfway through the year. We've completed our major maintenance at flip sites, and a decent portion of the optimization has been locked in. On top of this being our most contracted year ever, under the percentage base, we are now one halfway through the year. We are now one halfway through the year.

Speaker Change: However, we decided to tighten the guidance considering we are now more than halfway through the year, we've completed our major maintenance at both sites, and a decent portion of the optimization has been locked in, on top of this being our most contracted year ever on a percentage basis.

Zach Davis: We still expect to produce about 45 million times of LNG this year, inclusive of the planned maintenance downtime at both sites, and our guidance continues to reflect only contributions from completed or locked-in portfolio optimization activities. As we do not forecast potential contributions from future optimization opportunities, and of course, our results could be impacted by the timing of certain cargoes around your end. Our DCF for 2024 could also be affected by changes in the tax code. As noted on Pyrofalls, we qualify for the corporate alternative minimum taxes. However, upcoming guidance related to the implementation of this tax, which is expected later this year, specifically regarding the taxing of unrealized derivatives, could impact the timing and amount of our cash tax payments this year and going forward.

Zach Davis: We still expect to produce about 45 million tons of Ellen G. Inclusive of the planned maintenance downtime at both sites, and our guidance continues to reflect only contributions from completed or locked-in portfolio optimization activities, as we do not forecast potential contributions from future optimization opportunities. And, of course, our results could be impacted by the timing of certain cargoes around year-end.

Speaker Change: We still expect to produce approximately 45 million tons of LNG this year.

Zach Davis: Inclusive of the planned maintenance downtime at both sites and our guidance continues to reflect only contributions from completed or locked in portfolio optimization activities as we do not forecast potential contributions from future optimization opportunities.

Zach Davis: As Jack noted, our maintenance programs not only minimize production impacts to both sites, but also unlock deficiencies at CCL that should offset the impacts to production from the winter storm we experienced in the first quarter into the second half of this year. Of course, we are still in hurricane season on the Gulf Coast, while we had no impacts to our production from Hurricane Barrel last month. We keep a very close eye on potential hurricane impacts, as our expected results could be impacted by future weather events at our sites.

Speaker Change: And, of course, our results could be impacted by the timing of certain cargoes around year-end.

Zach Davis: Our DCF for 2024 could also be affected by changes in the tax code. As noted on prior calls, we qualify for the Corporate Alternative Minimum Tax. However, upcoming guidance related to the implementation of this tax, which is expected later this year, specifically regarding the taxing of unrealized derivatives, could impact the timing and amount of our cash tax payments this year and going forward. However, we would expect any impact to primarily be a matter of timing and should not impact our ability to generate over $20 billion of available cash through 2026. We do not forecast any contribution to revenues or EBITDA from stage three volumes this year.

Zach Davis: Our DCF for 2024 could also be affected by changes in the tax code. As noted on prior calls, we qualify for the corporate alternative minimum taxes here.

Zach Davis: However, upcoming guidance related to the implementation of this tax, which is expected later this year, specifically regarding the taxing of unrealized derivatives, could impact the timing and amount of our cash tax payments this year and going forward.

Zach Davis: We would expect any impact to primarily be a matter of timing and should not impact our ability to generate over $20 billion of available cash through 2026. We look forward to updating you on our 2025 volume projections, inclusive of stage three contributions, on our Q3 call. We continue to target first-alonging at the end of the year and the first three trains to reach substantial completion by the end of 2025. Reinforcing our view that 2024 is expected to be a trap year, and 2025 will begin the step up of our run rate production above the nine trained 45 MTPA.

Zach Davis: We would expect any impact to primarily be a matter of timing and should not impact our ability to generate over $20 billion of available cash through 2026. That concludes our prepared remarks. Thank you for your time and your interest in Cheniere. Operator, we are ready to open the line for questions.

Zach Davis: However, we've cited to tighten the guidance, considering we are now one of the halfway through the year, we've completed our major maintenance at both sites and a decent portion of the optimization has been locked in on top of this being our most contracted year ever at a percentage basis. We still expect to produce about 45 million times of LNG this year, inclusive of the plan maintenance downtime at both sites, and our guidance continues to reflect only contributions from completed or locked in portfolio optimization activities.

Zach Davis: We would expect any impact to primarily be a matter of timing and should not impact our ability to generate over $20 billion of available cash through 2026.

Speaker Change: We do not forecast any contribution to revenues or EBITDA from Stage 3 volumes this year.

Operator: We look forward to updating you on our 2025 volume projections, inclusive of Stage 3 contributions, on our Q3 call. We continue to target first LNG by the end of the year and the first three trains to reach substantial completion by the end of 2025, reinforcing our view that 2024 is expected to be a trough year, and 2025 will begin the step-up of our run rate production above the nine-train 45 MTPA.

Zach Davis: We look forward to updating you on our 2025 volume projections, inclusive of Stage 3 contributions, on our Q3 call.

Speaker Change: We continue to target first LNG at the end of the year and the first three trains to reach substantial completion by the end of 2025.

Zach Davis: As we do not forecast potential contributions from future optimization opportunities, and of course our results could be impacted by the timing of certain cargoes around your end. Our DCF for 2024 could also be affected by changes in the tax code. As noted on pyrofalls, we qualify for the corporate alternative minimum taxes. However, upcoming guidance related to the implementation of this tax, which is expected later this year, specifically regarding the taxing of unrealized derivatives, could impact the timing and amount of our cash tax payments this year and going forward.

Zach Davis: Reinforcing our view that 2024 is expected to be a trough year, and 2025 will begin the step up of our run rate production above the nine-trained 45 MTPA.

Zach Davis: As we look out beyond the next few years, our conviction in the long-term role of our LNG in global energy markets engineers to shun in it have only strengthened. At Cheniere, we lead with our safety track record, operational and commercial reputation, and financial discipline to generate and deploy a creative lead the billions of dollars the cash flow year after year. We are leveraging all of those advantages to continue to create sustainable and growing long-term value for our shareholders and supplier of global customer base with our flexible, reliable, and affordable LNG for decades to come.

Operator: As we look out beyond the next few years, our conviction in the long-term role of our LNG in global energy markets... Bush, Newtons, and Shininne have all the strength to. At Cheniere, we lead with our safety track record, operational and commercial reputation, and financial discipline to generate and deploy billions of dollars of cash flow year after year. We are leveraging all of those advantages to continue to create sustainable and growing long-term value for our shareholders and supplier of our global customer base with our flexible, reliable, and affordable LNG for decades to come. That concludes our prepared remarks. Thank you for your time and your interest in Cheniere. Operator, we are ready to open the line for questions.

Zach Davis: As we look out beyond the next few years, our conviction in the long-term role of our LNG in global energy markets, and Cheniere's position in it, have only strengthened.

Zach Davis: At Cheniere, we lead with our safety track record, operational and commercial reputation, and financial discipline to generate and deploy, accretively, the billions of dollars of cash flow year after year.

Zach Davis: We would expect any impact to primarily be a matter of timing and should not impact our ability to generate over $20 billion of available cash through 2026. We look forward to updating you on our 2025 volume projections, inclusive of stage three contributions on our Q3 call. We continue to target first-alonging at the end of the year and the first three trains to reach substantial completion by the end of 2025. Reinforcing our view that 2024 is expected to be a trap year and 2025 will begin the step up of our run rate production above the nine trained 45 MTPA.

Zach Davis: We are leveraging all of those advantages to continue to create sustainable and growing long-term value for our shareholders and supply our global customer base with our flexible, reliable, and affordable LNG for decades to come.

Zach Davis: That concludes our prepared remarks. Thank you for your time and your interest in Cheniere.

Zach Davis: That concludes our prepared remarks. Thank you for your time and your interest in Cheniere. Operator, we are ready to open the line for questions.

Operator: Thank you. If you would like to ask a question, please signal by pressing star 1 on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment.

Operator: Thank you. If you would like to ask a question, please signal by pressing Star 1 on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. In order to ensure everyone has a chance to interact with today's speakers, we ask that you limit yourself to one question and one follow-up question. If you have more than one question, you may signal to rejoin the queue. And our first question comes from Theresa Chen with Barclays. Please go ahead. Your line is open.

Operator: In order to ensure everyone has a chance to interact with today's speakers, we ask that you limit yourself to one question, with one follow-up question. If you have more than one question, you may signal to rejoin the queue.

Speaker Change: In order to ensure everyone has a chance to interact with today's speakers, we ask that you limit yourself to one question with one follow-up question. If you have more than one question, you may signal to rejoin the queue.

Theresa Chen: Our first question comes from Theresa Chen with Barclays. Please go ahead. Your line is open.

Zach Davis: As we look out beyond the next few years, our conviction in the long-term role of our LNG in global energy markets engineers to shun in it have only strengthened. At Cheniere, we lead with our safety track record operational and commercial reputation and financial discipline to generate and deploy a creative lead the billions of dollars the cash flow year after year. We are leveraging all of those advantages to continue to create sustainable and growing long-term value for our shareholders and supplier of global customer base with our flexible, reliable, and affordable LNG for decades to come.

Tresa In: and our first question comes from tresa in with barkelease please go ahead line is open

Theresa Chen: Good morning. With the progress we've made, you're to date.

Theresa Chen: Good morning. With the progress you've made year to date, would you be able to provide any additional color on the drivers that underlie the low versus high end of the updated guidance range?

Zach Davis: Would you be able to provide any additional color on the drivers that underlie the low versus high end of the updated guidance range? Sure.

Speaker Change: Good morning. With the progress you've made year to date, would you be able to provide any additional color on the drivers that underlie the low versus high end of the updated guidance range?

Zach Davis: Sure. Thanks, Theresa. This is Zach.

Zach Davis: Thanks, Theresa. This is Zach. I'd say going into the last call, we were already tracking to the upper half of the range, so we were in good position, and now we're able to not only raise it, but tighten it by 200 million on the low end. At this point, we're comfortably in the middle of the range, if not better, and the reason for that is that there was probably another incremental 100 million dollars added to the EBITDA thanks to production going up. Post the major maintenance at Corpus, helping Corpus catch up from some of the feed gas quality issues that it had in Q1, and then just more optimization across the board from upstream and downstream and subcharging.

Zach Davis: I'd say going into the last call, we were already tracking to the upper half of the range, so we were in a good position. And now we're able to not only raise it but tighten it by 200 million on the low end. So, at this point, we're comfortably in the middle of the range, if not better.

Operator: Sure. Thanks, Theresa. This is Zach.

Operator: I'd say going into the last call, we were already tracking to the upper half of the range, so we were in good position, and now we're able to not only raise it, but tighten it by 200 million on the low end. So, at this point, we're.

Zach Davis: That concludes our prepared remarks. Thank you for your time and your interest in Cheniere.

Zach Davis: And the reason for that is that there was probably another incremental $100 million added to the EBITDA thanks to production going up, post the major maintenance at Corpus, helping Corpus catch up from some of the feed gas quality issues that it had in Q1, and then just more optimization across the board from upstream and downstream and subcharter. So, to go from here, there's still a little variability. We won't account for most of the optimization that could happen in the second half of the year, in particular on the upstream side, on basis differentials.

Operator: Operator, we are ready to open the line for questions. Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you're using a speaker phone, please make sure your mute function is turned off to allow your signal to reach our equipment. In order to ensure everyone has a chance to interact with today's speakers, we ask that you limit yourself to one question with one follow-up question. If you have more than one question, you may signal to rejoin the queue.

Speaker Change: We're comfortably in the middle of the range, if not better, and the reason for that is

Speaker Change: There was probably another incremental $100 million added to the EBITDA thanks to production going up post the major maintenance at Corpus, helping Corpus catch up.

Speaker Change: From some of the feed gas quality issues that it had in Q1, and then just more optimization across the board from upstream and downstream and sub-chartering.

Theresa Chen: Our first question comes from Theresa Chen with Barclays. Please go ahead. Your line is open.

Zach Davis: So, to go from there, there's still a little variability. We won't account for most of the optimization that could happen in the second half of the year, in particular on the upstream side, on basis differentials. And then Henry Hub is a variable, just on lifting margin. Every 50 cent move in Henry Hub probably affects our lifting margin in EBITDA by about 30 million dollars still for the rest of the year, and then we're still in a hurricane season. So, whether permitting, if things go smoothly, as I've gone to date, maybe there will be some incremental production.

Zach Davis: Good morning. With the progress we've made, you're to date. Would you be able to provide any additional color on the drivers that underlie the low versus high end of the updated guidance range? Sure. Thanks, Theresa. This is Zach. I'd say going into the last call, we were already tracking to the upper half of the range so we were in good position, and now we're able to not only raise it, but tighten it by 200 million on the low end.

Speaker Change: So, to go from there, there's still a little variability, we won't account for most of the optimization that could happen in the second half of the year, in particular on the upstream side, on basis differentials, and then

Zach Davis: And then Henry Hub is a variable, just on lifting margin. Every 50 cent move in Henry Hub probably affects our lifting margin in EBITDA by about $30 million for the rest of the year. And then we're still in a hurricane season, so weather permitting, if things go as smoothly as they've gone to date, maybe there'll be some incremental production, and if not, we could also lose some production if we have incremental downtime above and beyond what we normally budget or give ourselves coverage for.

Speaker Change: Henry Hub is a variable just on lifting margin. Every 50 cent move in Henry Hub probably affects our lifting margin in EBITDA by about 30 million dollars still for the rest of the year.

Speaker Change: And then we're still in a hurricane season, so weather permitting, if things go as smoothly as they've gone to date.

Zach Davis: At this point, we're comfortably in the middle of the range, if not better, and the reason for that is that there was probably another incremental 100 million dollars added to the EBITDA thanks to production going up. Post the major maintenance at Corpus, helping Corpus catch up from some of the feed gas quality issues that it had in Q1, and then just more optimization across the board from upstream and downstream and subcharging.

Zach Davis: And if not, we could also lose some production if we have incremental downtime above and beyond what we normally budget or give ourselves coverage for. And then there's a little variability at the end of the year, just on year-end timing of deliveries. We don't bake into the forecast late, late deliveries in the year. So that might add out of it, but shouldn't materially affect us on the downside. So things are pretty baked this year, as it was already our most contracted year ever.

Speaker Change: Maybe there will be some incremental production.

Speaker Change: And if not, we could also lose some production if we have incremental downtime above and beyond what we normally budget or give ourselves coverage for.

Zach Davis: And then there's a little variability at the end of the year, just on year-end timing of deliveries. We don't bake into the forecast late, late deliveries in the year. So that might add to it, but it shouldn't materially affect us on the downside. So things are pretty big this year as it was already our most contracted year ever.

Speaker Change: And then there's a little variability at the end of the year, just on year-end timing of deliveries. We don't bake into the forecast late, late deliveries in the year, so that might add to it.

Zach Davis: So to go from there, there's still a little variability. We won't account for most of the optimization that could happen in the second half of the year in particular on the upstream side on basis differentials. And then Henry hub is a variable, just on lifting margin, every 50 cent move in Henry hub probably affects our lifting margin in EBITDA by about 30 million dollars still for the rest of the year, and then we're still in a hurricane season.

Speaker Change: Shouldn't materially affect us on the downside, so things are pretty big this year as it was already our most contracted year ever.

Theresa Chen: Thank you for that detailed answer, and maybe turn it into the permitting slide. We've left to get your updated view on the regulatory and permitting landscape.

Zach Davis: Thank you for that detailed answer, and maybe turning to the permitting side, we'd love to get your updated view on the regulatory and permitting landscape, specifically, what industry read-throughs, if any, are there to glean from the DC Circuit's recent decision to vacate FERC permits at a couple of competitor projects amid environmental opposition? And what is your view on the permitting process for your own expansion project?

Speaker Change: Thank you for that detailed answer.

Speaker Change: And maybe turning to the permitting side, we'd love to get your updated view on the regulatory and permitting landscape.

Jack Fusco: Specifically, what industry read-through, if any, are there to glean from the DC Circuit's recent decision to vacate for permits at a couple of competitor projects, environmental opposition, and what is your view on the permitting process for your own expansion projects?

Speaker Change: Specifically, what industry read-throughs, if any, are there to glean from the DC Circuit's recent decision to vacate FERC permits at a couple of competitor projects amid environmental opposition? And what is your view on the permitting process for your own expansion projects?

Zach Davis: So whether permitting, if things go smoothly, as I've gone to date, maybe there will be some incremental production. And if not, we could also lose some production if we have incremental downtime above and beyond what we normally budget or give ourselves coverage for. And then there's a little variability at the end of the year, just on year end timing of deliveries. We don't bake into the forecast late, late deliveries in the year.

Jack Fusco: Thanks, Trey. So this is Jack.

Jack Fusco: Thanks, Theresa. This is Jack.

Jack Fusco: Thanks, Theresa. This is Jack. I'll take a crack at that one. So first, a similar outcome can't happen with our permits at SPL on trains 1 through 6 or CCL 1 through 3, including states 3 at CCL, because all of our permits are no longer subject to appeal on our expansion projects, which are CCL 8, 9, and SPL Stage 5.

Jack Fusco: I'll take a crack at that one. So first, a similar outcome can't happen with our permits at SPL on trains 1 through 6 or CCL 1 through 3, including state 3 at CCL, because all of our permits are no longer subject to appeal. On our expansion projects, which is CCL 8 and 9 and SPL stage 5, as you all know, we dedicate a significant amount of time and resources just developing our projects and associated permit applications in a manner that we feel satisfies federal, state, local, and regulatory requirements. And we've done this over the course of more than a decade through multiple administrations, and we feel very confident in our ability to continue to perform that way.

Jack Fusco: thanks try so this is jack i'll take a crack at that one so first

Jack Fusco: I'll take a crack at that one. So, first, a similar outcome can't happen with our permits at SPL on trains one through six or CCL one through three, including states three at CCL because all of our permits are no longer subject to appeal on our expansion projects, which are CCL 8, 9, and SPL Stage 5.

Jack Fusco: A similar outcome can't happen with our permits at SPL on Trains 1 through 6 or CCL 1 through 3, including Stage 3 at CCL, because all of our permits are no longer subject to appeal.

Zach Davis: So that might add out of it, but shouldn't materially affect us on the downside. So things are pretty baked this year, as it was already our most contracted year ever. Thank you for that detailed answer, and maybe turn it into the permitting slide.

Jack Fusco: On our expansion projects, which is CCL 8, 9, and SPL Stage 5,

Jack Fusco: As you all know, we dedicate a significant amount of time and resources to just developing our projects and associated permit applications in a manner that we feel satisfies federal, state, and local regulatory requirements. And we've done this over the course of more than a decade under different administrations, and we feel very confident in our ability to continue to perform that way. There is a significant amount of work that we do with the regulators to ensure that we have a robust record underpinning all of our permits.

Speaker Change: As you all know, we dedicate a significant amount of time and resources.

Jack Fusco: And we're thoughtful and accurately responding to their information requests, as well as comments from affected stakeholders. And that's what you see happening right now with all of our public hearings, that we listen to the neighborhood, we listen to their concerns with EGA or air quality, and we respond appropriately to those concerns. So I feel very good about our position versus what we saw transpire with some of the other folks in the LNG industry.

Jack Fusco: Just developing our projects and associated permit applications in a manner that we feel satisfies federal, state, local regulatory requirements.

Jack Fusco: We've left to get your updated view on the regulatory and permitting landscape. Specifically, what industry read through, if any, are there to glean from the DC Circuit's recent decision to vacate for permits at a couple of competitor projects, environmental opposition, and what is your view on the permitting process for your own expansion projects? Thanks, Trey. So this is Jack. I'll take a crack at that one. So first, a similar outcome can't happen with our permits at SPL on trains 1 through 6 or CCL 1 through 3, including state 3 at CCL, because all of our permits are no longer subject to appeal.

Jack Fusco: And we've done this over the course of more than a decade through multiple administrations.

Jack Fusco: And we feel very confident in our ability to continue to perform that way.

Jack Fusco: There's a significant amount of work that we do with the regulators to ensure that we have a robust record underpinning all of our permits, and we're thoughtful and accurately responding to their information requests, as well as comments from affected stakeholders. And that's what you see happening right now for 8 and 9 with all of our public hearings that we listen to the neighborhood, we listen to their concerns with EGA or air quality, and we respond appropriately to those concerns. So I feel very good about our position versus what we saw transpired with some of the other folks in the LNG industry.

Jack Fusco: There's a significant amount of work that we do with the regulators to ensure that we have a robust record underpinning all of our permits.

Jack Fusco: And we're thoughtful and accurately responding to their information requests as well as comments from affected stakeholders.

Jack Fusco: And that's what you see happening right now for 8 and 9 with all of our public hearings.

Jack Fusco: On our expansion projects, which is CCL 8 and 9 and SPL stage 5, as you all know, we dedicate a significant amount of time and resources just developing our projects and associated permit applications in a manner that we feel satisfies federal, state, local, regulatory requirements. And we've done this over the course of more than a decade through multiple administrations, and we feel very confident in our ability to continue to perform that way.

Speaker Change: That we listen to the neighborhood, we listen to their concerns with EGA or air quality, and we respond appropriately to those concerns.

Jack Fusco: So, I feel very good about our position versus what we saw transpire with some of the other folks in the LNG industry.

Jack Fusco: Thank you very much.

Jeremy Tonet: Then we'll take our next question from Jerry Tone with JP Morgan. Please go ahead. Hi, it's Jeremy Tonep from JP Morgan. Good morning, all.

Operator: And we'll take our next question from Jerry Tonet with J.P. Morgan. Please go ahead. Hi, it's...

Speaker Change: And we'll take our next question from Jerry Tonet with J.P. Morgan. Please go ahead.

Operator: Hi, it's Jeremy Tonet from J.P. Morgan. Good morning, all. Jeremy. Hey, Jeremy.

Jack Fusco: Hi, it's Jeremy Tonet from J.P. Morgan. Good morning all.

Jeremy Tonet: Jeremy. Hey, Jeremy.

Jeremy Tonet: Just wanted to touch on commercial discussions; great to see the GALP contract earlier, and just wanted to see, I guess, you know, how the state of commercial discussions are going with customers right now, given changes in the LNG market, and especially the impact of competitive delays out there, you know, the pause, election uncertainty. Just wondering how, you know, these things all come together to impact, I guess, commercial discussions for SPL expansion at this point. Hey, Jeremy Tonep, thanks for the question. I know great fireworks, a very similar answer to last few quarters. Obviously, after 22, 23, there's a period of reassessing, digesting, thinking through portfolios. But in your question, and partially in Jack and Zack's answers, you know, we have continued to differentiate ourselves from a reliability standpoint, from a commercial behavior standpoint.

Jeremy Tonet: Just wanted to touch on commercial discussions. Great to see the GALP contract earlier. And just wanted to see, I guess, how the state of commercial discussions is going with customers right now, given changes in the LNG market and, especially, the impact of competitive delays out there. You know, the pause, election uncertainty, just wondering how, you know, these things all come together to impact, I guess, commercial discussions for SPL expansion at this point.

Jeremy: Hey, Jeremy.

Speaker Change: Just wanted to touch on commercial discussions. Great to see the GALP contract earlier.

Speaker Change: And just wanted to see, I guess, you know, how the state of commercial discussions are going with customers right now, given changes in the LNG market, and especially the impact of competitor delays out there, you know, the pause, election uncertainty, just wondering how, you know, these things all come together to impact, I guess, commercial discussions for SPL expansion at this point.

Anatol Feygin: Hey, Jeremy, it's Anatol. Thanks for the question. No great fireworks. A very similar answer to the last few quarters. Obviously, after 22-23, there's a period of reassessing, digesting, thinking through portfolios. But in your question and partially in Jack and Zack's answers, we have continued to differentiate ourselves from a reliability standpoint, from a commercial behavior standpoint. And as we've said, we expect the engagement to bear fruit that very much rhymes with what you've seen in the past.

Anatol Feygin: Hey, Jeremy. It's Anatol. Thanks for the question. No great fireworks. A very similar answer to last few quarters, obviously, after 22-23, there's a period of reassessing, digesting, thinking through portfolios, but in your question and partially in Jack and Zach's answers, we have continued to differentiate ourselves from a

Jeremy Tonet: Then we'll take our next question from Jerry Tone with JP Morgan, please go ahead. Hi, it's Jeremy Tonep from JP Morgan. Good morning, all. Jeremy. Hey, Jeremy. Just wanted to touch on commercial discussions, great to see the GALP contract earlier, and just wanted to see, I guess, you know, how the state of commercial discussions are going with customers right now, given changes in the LNG market, and especially the impact of competitive delays out there, you know, the pause, election uncertainty, just wondering how, you know, these things all come together to impact, I guess, commercial discussions for SPL expansion at this point.

Anatol Feygin: And as we've said, we expect the engagement to bear fruit that very much rhymes with what you've seen in the past. I cannot tell you, even with TTF rallying back into the 40 euro range, kind of highest levels here to date, I still don't expect a rush of European long-term counterparties. We've always said that there will be opportunities 5 million tons that we've done to date, including GAL, but the drivers will continue to be Asian demand growth and North American production growth. And those discussions are healthy. They appreciate the differentiation. They appreciate Teresa's question on how we navigate various uncertainties.

Speaker Change: Reliability standpoint from a commercial behavior standpoint and

Speaker Change: As we've said, we expect the engagement to bear fruit that very much rhymes with what you've seen in the past. I cannot tell you, even with TTF rallying back into the 40 euro range,

Anatol Feygin: I cannot tell you, even with TTF rallying back into the 40-euro range, kind of the highest levels year to date, I still don't expect a rush of European long-term counterparties. We've always said that there will be opportunities, the 5 million times that we've done so far, including GALP, but the drivers will continue to be Asian demand growth and North American production growth.

Speaker Change: and a highest levels year to date. I still don't expect a rush of European long-term counterparties. We've always said that there will be opportunities.

Speaker Change: 5 million tons that we've done to date, including GALP. But the drivers will continue to be Asian demand growth and North American production growth. And those discussions are healthy. They appreciate the differentiation. They appreciate the, Theresa's question on how we navigate various uncertainties. And I think all of those are tailwinds for the commercial team.

Anatol Feygin: And those discussions are healthy. They appreciate the differentiation. They appreciate Theresa's question on how we navigate various uncertainties. And I think all of those are tailwinds for the commercial.

Jeremy Tonet: Hey, Jeremy Tonep, thanks for the question. I know great fireworks, a very similar answer to last few quarters. Obviously, after 22, 23, there's a period of reassessing, digesting, thinking through portfolios, but in your question, and partially in Jack and Zack's answers, you know, we have continued to differentiate ourselves from a reliability standpoint from a commercial behavior standpoint. And as we've said, we expect the engagement to bear fruit that very much rhymes with what you've seen in the past.

Jeremy Tonet: And I think all of those are tailwinds for the commercial. Thank you. Got it. That's a very hopeful there.

Zach Davis: Got it. That's very helpful there. And I was wondering if we could turn to capital allocation for a minute, and it's good to see the dividend increase there. I was just wondering if you could talk a bit more, I guess, on the size of the step-up at that point versus more versus less, and how that influences your thought process going forward.

Zach Davis: And I was wondering if we could turn to capital allocation for a minute, and you know, it is good to see the dividend increase there. I was just wondering if you could talk a bit more, I guess, on the size of the step up at that, you know, at that point, you know, versus more versus less, and you know, how that influences your thought process going forward. Sure, this is Zack, and obviously everything we do needs to go through and be approved by the board before we announce it. But let's just put it this way, four billion isn't going to be it.

Speaker Change: Got it. That's a very helpful there.

Speaker Change: I was wondering if we could turn to capital allocation for a minute and, you know, it's good to see the dividend increase there. I was just wondering if you could talk a bit more, I guess, on the size of the step up at that, you know, at that point, you know, versus more, versus less, and, you know, how that influences your thought process going forward.

Zach Davis: Sure, this is Zach, and obviously, everything we do needs to go through and be approved by the board before we announce it, but let's put it this way: 4 billion isn't going to be it, and 200 million shares outstanding isn't our final target. So, we're going to just continue to work it down, and we need to just right now follow through on the 2020 vision and get to that point where, on a run rate sustainable basis, even at $2 margins, not like the $7, $8 margins we're seeing on the screen for the next year and a half, we're comfortably in the 20s on DCF per share.

Jeremy Tonet: I cannot tell you, even with TTF rallying back into the 40 euro range kind of highest levels here to date, I still don't expect a rush of European long-term counterparties. We've always said that there will be opportunities 5 million tons that we've done to date, including GAL, but the drivers will continue to be Asian demand growth and North American production growth. And those discussions are healthy. They appreciate the differentiation. They appreciate the Teresa's question on how we navigate various uncertainties. And I think all of those are tailwinds for the commercial. Thank you. Got it. That's a very hopeful there.

Jack Fusco: Sure, this is Zach and obviously everything we do needs to go through and be approved by the board before we announce it. But let's put it this way.

Zach Davis: And 200 million shares outstanding isn't our final target. So we're going to just continue to work it down. And we need a desk right now, follow through on the 2020 vision, and getting to that point, we're on a run rate sustainable basis, even at $2 margins, not like the $7, $8 margins we're seeing on the screen for the next year and a half. We're comfortably in the 20s on DCF per share. But how we look at it, that four billion should get us pretty close to 200 million shares; really just depends on share price. And then we look at our cashflow forecast and ensure that we can meet those commitments of finishing a four billion dollar incremental buyback program by 2027 or sooner.

Speaker Change: 4 billion isn't going to be it, and 200 million shares outstanding isn't our final target. So we're going to just continue to work it down, and we need to just right now follow through on the 2020 vision, and getting to that point where on a run rate sustainable basis,

Speaker Change: Even at $2 margins, not like the $7, $8 margins we're seeing on the screen for the next year and a half.

Zach Davis: But how we look at it, that 4 billion should get us pretty close to 200 million shares, really just depends on share price, and then we look at our cash flow forecast and ensure that we can meet those commitments of finishing a $4 billion incremental buyback program by 2027 or sooner, with on top of that, being balanced on our capital allocation and achieving all the other goals we want to achieve, which is not just finishing up stage 3 in 2025 and 2026, but FID and the expansion there and getting Sabine ready, having the balance sheet get to triple B across the board by being proactive on that, and obviously we increased the dividend by 15% and committed to a 10% growth rate for the rest of the decade. So a balance of all of that is how we got to 4 billion, but I wouldn't think too much about that because We've been known to increase it over time.

Speaker Change: We're comfortably in the 20s on DCF per share, but how we look at it, that $4 billion should get us pretty close to 200 million shares, really just depends on share price.

Zach Davis: And I was wondering if we could turn to capital allocation for a minute, and you know, as good to see the dividend increase there. I was just wondering if you could talk a bit more, I guess on the size of the step up at that, you know, at that point, you know, versus more versus less, and you know, how that influences your thought process going forward. Sure, this is Zack, and obviously everything we do needs to go through and be approved by the board before we announce it.

Jack Fusco: And then we look at our cash flow forecast.

Speaker Change: and ensure that we can meet those commitments of finishing a $4 billion incremental buyback program by 2027 or sooner.

Zach Davis: With on top of that, being balanced on our capital allocation and achieving all the other goals we want to achieve, which is not just finishing up stage three in 25 and 26. But FID, the expansion there and getting Sabine ready, having the balance sheet get to triple B across the board by being proactive on that. And obviously, we increased the dividend by 15% and committed to a 10% growth rate for the rest of the decade. So about a balance of all of that is how we got to four billion. But I wouldn't think too much about that because we've been known to increase it over time.

Speaker Change: With on top of that, being balanced on our capital allocation and achieving all the other goals we want to achieve, which is not just finishing up stage three in 25 and 26, but FID and the expansion there and getting Sabine ready, having the balance sheet get to triple B across the board by being proactive on that.

Zach Davis: But let's just put it this way, four billion isn't going to be it. And 200 million shares outstanding isn't our final target. So we're going to just continue to work it down. And we need a desk right now, follow through on the 2020 vision, and getting to that point, we're on a run rate sustainable basis, even at $2 margins, not like the $7, $8 margins we're seeing on the screen for the next year and a half.

Speaker Change: And obviously, we increased the dividend by 15% and committed to a 10% growth rate for the rest of the decade. So, a balance of all of that is how we got to $4 billion, but I wouldn't think too much about that because

Unknown Attendee: We've been known to increase it over time.

Zach Davis: Got it.

Operator: Got it. That's helpful. Thank you for that.

Zach Davis: That's helpful. Thank you for that.

Unknown Attendee: We've been known to increase it over time.

Zach Davis: We're comfortably in the 20s on DCF per share. But how we look at it, that four billion should get us pretty close to 200 million shares, really just depends on share price. And then we look at our cashflow forecast and ensure that we can meet those commitments of finishing a four billion dollar incremental buyback program by 2027 or sooner. With on top of that, being balanced on our capital allocation and achieving all the other goals we want to achieve, which is not just finishing up stage three in 25 and 26.

John Mackay: And our next question comes from John McKay with Goldman Sachs. Please go ahead. Your line is open.

Operator: And our next question comes from John Mackay with Goldman Sachs. Please go ahead. Your line is open.

Theresa: Got it. That's helpful. Thank you for that.

Unknown Attendee: And our next question comes from John Mackay with Goldman Sachs. Please go ahead. Your line is open.

John Mackay: Hey, thanks for the time. This is probably one for Anatol.

John Mackay: Hey, thanks for the time.

John Mackay: This is probably one for Anatole. You guys have been pretty positive on the demand picture for a while now. I just be curious to hear a little more from you on if we're looking at your outlook for Asia demand. How sensitive this could be to kind of like the broader macro cycle. We've seen China a little slower recently. Maybe just a little sensitivity there versus I think your argument on a lot of this is kind of baked in growth at this point. Thanks.

Speaker Change: Hey, thanks for the time. This is probably one for Anatol. You guys have been pretty positive on the demand picture for a while now. I'd just be curious to hear a little more from you on, if we're looking at your outlook for Asia demand,

Anatol Feygin: You guys have been pretty positive on the demand picture for a while now. I'd just be curious to hear a little more from you on, if we're looking at your outlook for Asian demand, how sensitive this could be to kind of like the broader macro cycle. We've seen China a little slower recently. Maybe just a little sensitivity there versus I think your argument on a lot of this is kind of baked into growth at this point. Thanks.

Speaker Change: How sensitive this could be to kind of like the broader macro cycle? We've seen China a little slower recently. Maybe just a little sensitivity there versus I think your argument on a lot of this is kind of baked in growth at this point. Thanks.

Zach Davis: But FID, the expansion there and getting Sabine ready, having the balance sheet get to triple B across the board by being proactive on that. And obviously we increased the dividend by 15% and committed to a 10% growth rate for the rest of the decade. So about a balance of all of that is how we got to four billion. But I wouldn't think too much about that because we've been known to increase it over time. Got it. That's helpful. Thank you for that.

Anatol Feygin: Thanks, John. Again, very boring. Really hasn't hasn't changed much. We see the dedication to gas writ large being very sustained and durable across Asia and across Europe, in fact. The investments that are being made where we're going to approach something like 1,500 million tons of regast capacity by the time all is said and done. And yes, there's some price sensitivity in some markets, but actually we've been pleasantly surprised at what levels and how much seemingly price inelastic demand in the short term is manifesting itself. So we see these emerging markets in South and Southeast Asia as being very hungry for gas.

Anatol Feygin: Thanks, John. You know, again, very boring, really hasn't hasn't changed much.

Speaker Change: Thanks, John . Again, very boring, really hasn't changed much. We see the dedication to gas writ large being very sustained and durable across Asia.

Speaker Change: And across Europe , in fact, right, the investments that are being made, we're going to approach something like 1,500 million tons of regas capacity by the time all is said and done, and yes, there's some price sensitivity in some markets, but actually we've been pleasantly surprised, A, at what levels, and B, how much seemingly price inelastic demand in the short term is manifesting itself. So we see these emerging markets in South and Southeast Asia as being very hungry for gas. It still is going to be a very small piece of their primary energy mix.

Anatol Feygin: We see the dedication to gas writ large being very sustained and durable across Asia and across Europe. In fact, the investments that are being made, we're going to approach something like 1500 million tons of regas capacity by the time all is said and done. And yes, there's some price sensitivity in some markets, but actually, we've been pleasantly surprised, A, at what levels and B, how much seemingly price inelastic demand in the short term is manifesting itself.

Anatol Feygin: And our next question comes from John McKay with Goldman Sachs. Please go ahead. Your line is open. Hey, thanks for the time. This is probably one for for Anatole. You guys have been pretty positive on the demand picture for a while now. I just be curious to hear a little more from you on if we're looking at your outlook for Asia demand. How sensitive this could be to kind of like the broader macro cycle. We've seen China a little slower recently. Maybe just a little sensitivity there versus I think your argument on a lot of this is kind of baked in growth at this point. Thanks. Thanks, John.

Anatol Feygin: So we see these emerging markets in South and Southeast Asia as being very hungry for gas. It will still be a very small piece of their primary energy mix and will perform a lot of grid reliability and balancing functions that modern, modern grids expect. So, continue to be just as constructive.

Anatol Feygin: It still is going to be a very small piece of their primary energy mix and will perform a lot of grid reliability and balancing functions that modern grids expect. So continue to be just as constructive. In fact, what we're seeing now, as we touched on, is a supply constrained market, and everything we've seen play out in North America and the rest of the world. Again, just like in previous cycles, continue to move that supply constrained further and further out. And you know, you're seeing kind of 26, 27 now being the period of that supply entering the market as opposed to a year ago when most were penciling it in 12 to 18 months earlier.

Anatol Feygin: And we'll perform a lot of grid reliability and balancing functions that modern grids expect. So continue to be just as constructive. In fact, what we're seeing now, as we touched on, is a supply-constrained market.

Anatol Feygin: In fact, what we're seeing now, as we touched on, is a supply-constrained market, and everything we've seen play out in North America and the rest of the world again, just like in previous cycles, continues to move that supply constraint further and further out. And, you know, you're seeing kind of twenty six, twenty seven now being the period of that supply entering the market as opposed to a year ago when most were penciling it in 12 to 18 months earlier. So we think as that supply comes in, you'll see some very dramatic growth numbers as various economies avail themselves of this moderately priced and reliable resource.

Anatol Feygin: Again, very boring. Really hasn't hasn't changed much. We see the dedication to gas writ large being very sustained and durable across Asia and across Europe, in fact. The investments that are being made where we're going to approach something like 1,500 million tons of regast capacity by the time all is said and done. And yes, there's some price sensitivity in some markets, but actually we've been pleasantly surprised at what levels and be how much seemingly price in elastic demand in the short term is manifesting itself.

Anatol Feygin: Everything we've seen play out in North America and the rest of the world, again, just like in previous cycles, continued.

Anatol Feygin: to move that supply constraint further and further out. And, you know, you're seeing kind of 26, 27 now being the period of that supply entering the market as opposed to a year ago when most were penciling it in 12 to 18 months earlier. So, we think as that supply comes in, you'll see some very dramatic growth numbers as various economies avail themselves of this moderately priced and reliable resource.

Anatol Feygin: So we think as that supply comes in, you'll see some very dramatic growth numbers as various economies avail themselves of this moderately priced and reliable resource.

John Mackay: I appreciate that.

Jack Fusco: Alright, that's great; I appreciate that. Maybe just for my second question, with the GALP deal announced and you guys kind of continuing to make progress on some of the expansion projects, could you just remind us kind of what you're thinking about in terms of what you have now and targets you'd like to get to for the two incremental corpus strains and then the broader Sabine expansion?

Anatol Feygin: Alright, that's great; I appreciate that. Maybe just for my second question, with the GALP deal announced and you guys kind of continuing to make progress on some of the expansion projects, could you just remind us kind of what you're thinking about in terms of what you have now and targets you'd like to get to for the two incremental corpus strains and then the broader Sabine expansion?

Jack Fusco: Maybe just for my second one, with the GALP deal announced, and you guys kind of continue to make progress on some of the expansion projects.

Jack Fusco: Alright, that's great, I appreciate that. Maybe just for my second one, with the GALP deal announced and you guys kind of continuing to make progress on some of the expansion projects...

Anatol Feygin: So we see these emerging markets in South and Southeast Asia as being very hungry for gas. It still is going to be a very small piece of their primary energy mix and will perform a lot of grid reliability and balancing functions that modern grids expect. So continue to be just as constructive. In fact, what we're seeing now as we touched on is is a supply constrained market and everything we've seen play out in North America and the rest of the world.

Jack Fusco: Can you just remind us kind of what you're thinking about in terms of what you have now and targets you'd like to get to for the two incremental corpus strains and then the broader Sabine expansion? Yeah, maybe I'll start, and the tag team was Zack. But in terms of quantum of commercial support, we're right around 10 million tons. We've got about just under three million tons with three customers that are CP to the mid-scale expansion and with GALP about seven kind of beyond that. So, as always, we're navigating all of the levers, commercial of course being one of them, to think about what the right way to get to the appropriate project.

Jack Fusco: Yeah, maybe I'll start and tag team with Zach. But, you know, in terms of the quantum of commercial support, we're right around 10 million tons. We've got about just under 3 million tons with 3 customers that are CP'd to the mid-scale expansion, and with Galp, about 7, kind of beyond that. So, as always, we're navigating all of the levers, commercial, of course, being one of them to think about what the right way to get to the appropriate project is.

Anatol Feygin: Yeah, maybe I'll start and tag team with Zach. But, you know, in terms of quantum of commercial support, we're right around 10 million tons; we've got about just under 3 million tons, with three customers that are CP to the mid-scale expansion, and with GALP about seven, kind of beyond that. So, as always, we're navigating all of the levers, commercial, of course, being one of them to think about what the right way to get to the appropriate project is.

Jack Fusco: Yeah, maybe, maybe I'll start and tag team with Zach, but, you know, in terms of.

Jack Fusco: Quantum of commercial support. We're right around 10 million tons. We've got

Anatol Feygin: Again, just like in previous cycles, continue to move that supply constrained further and further out. And you know, you're seeing kind of 26, 27 now being the period of that supply entering the market as opposed to a year ago when most were penciling it in 12 to 18 months earlier. So we think as that supply comes in, you'll see some very dramatic growth numbers as various economies avail themselves of this moderately priced and reliable resource. I appreciate that. Maybe just for my second one, with the GALP deal announced, and you guys kind of continue to make progress on some of the expansion projects.

Jack Fusco: About just under 3 million tons with three customers that are CPs to the mid-scale expansion and with GALP about seven, kind of beyond that. So, as always, we're, we're navigating all of the levers, commercial, of course, being one of them to.

Zach Davis: And I'll just add, with all the success that the team, the origination team, has had in the last year or two, if we wanted to be, we could be 100% contracted, even with the mid-scale expansion of 8 and 9 and de-bottlenecking. That's how many contracts we have. So we're in a really good spot now with the EA at Corpus for mid-scale 8 and 9, targeting FID next year once we have the permits, and we can make that fully contracted.

Zach Davis: And I'll just add, with all the success that the team, that the Origination team has had in the last year or two, if we wanted to be, we could be 100% contracted, even with the mid-scale expansion of 8 and 9 and de-bottlenecking. That's how many contracts we have, so we're in a really good spot now with the EA at Corpus for mid-scale 8 and 9, targeting FID next year once we have the permits, and we can make that fully contracted.

Speaker Change: to think about what the right way to get to the appropriate project is.

Jack Fusco: And I'll just add, with all the success that the team, the origination team, has had in the last year or two, if we wanted to be, we could be a hundred percent contracted, even with the mid-scale expansion of eight and nine, Andy bottlenecking. That's how many contracts we have. So we're in a really good spot where now with the EA at corpus from its skill at a nine targeting FID next year once we have the permits and we can make that fully contracted. And with the contract at GALP and everything else that we've signed tied to Train Seven or Train Eight, we have more than enough to even FID in a couple of years or so, a first phase of a Sabine expansion.

Zach Davis: And I'll just add, with all the success that the team, that the ORIGINATION team has had in the last year or two,

Zach Davis: If we wanted to be, we could be 100% contracted, even with the mid-scale expansion of 8 and 9, and de-bottlenecking. That's how many contracts we have. So, we're in a really good spot.

Anatol Feygin: Can you just remind us kind of what you're thinking about in terms of what you have now and targets you'd like to get to for the two incremental corpus strains and then the broader Sabine expansion? Yeah, maybe I'll start, and the tag team was Zack. But in terms of quantum of commercial support, we're right around 10 million tons. We've got about just under three million tons with three customers that are CP to the mid-scale expansion and with GALP about seven kind of beyond that.

Zach Davis: Now, with the EA at Corpus for Midscale 8 and 9, targeting FID next year, once we have the permits, and we can make that fully contracted, and with the contract at Gallup and everything else that we've signed tied to train 7 or train 8,

Zach Davis: And with the contract at Gallup and everything else that we've signed tied to train 7 or train 8, we have more than enough to even FID in a couple years or so the first phase of a subpoena expansion. So that's in mind, too, as we continue to do value engineering there and work on it with Bechtel.

Zach Davis: And with the contract at Gallup and everything else that we've signed tied to train 7 or train 8, we have more than enough to even FID in a couple years or so, the first phase of a subpoena expansion.

Zach Davis: We have more than enough to even FID in a couple years or so a first phase of a Sabine expansion. So, that's in mind too as we continue to do value engineering there and work on it with Bechtel.

Jack Fusco: So that's in mind too, as we continue to do value engineering there and work on it with Bechtel.

Anatol Feygin: So as always, we're navigating all of the levers commercial of course being one of them to to think about what the right way to get to the appropriate project. And I'll just add with all the success that the team, the origination team has had in the last year or two, if we wanted to be, we could be a hundred percent contracted, even with the mid-scale expansion of eight and nine, Andy bottlenecking.

John Mackay: All right, appreciate the time.

Operator: All right. I appreciate the time. Thank you.

Operator: And we'll move to our next caller. Ben Nolan with Steeple, please go ahead, sir.

Ben Nolan: And we'll move to our next caller. Ben Nolan with Steeple. Please go ahead, sir. Your line is open.

Zach Davis: Appreciate the time. Thank you.

Benjamin Nolan: Your line is open. Yeah, I appreciate it. Thanks.

Speaker Change: And we'll move to our next color.

Jack Fusco: Yeah, I appreciate it. Thanks. I wanted to maybe start with the cost side. We saw, I guess earlier this week, PICTO come out with a new EPC contract and, appreciating that there are probably some differences, but was curious if that sort of came in line with how you're thinking about the expansions that you're working on and and contemplated with the pricing of the gas that you've sold.

Ben Nolan: Yeah, I appreciate it. Thanks.

Zach Davis: Ben Nolan with Stifel. Please go ahead, sir. Your line is open.

Ben Nolan: I wanted to maybe start with the cost side. We saw, I guess, earlier this week, Bechtel come out with a new EPC contract, and appreciate that there's probably some differences. But I was curious if that sort of came in line with how you're thinking about the expansions that you're working on and contemplated with the pricing of the gas that you've sold. I'll answer that. And we can't speak for what's going on at these other projects, obviously.

Speaker Change: Yeah, I appreciate it. Thanks. I wanted to maybe start with the cost side. We saw, I guess earlier this week, PICTO come out with a new EPC contract and appreciating that there's probably some differences, but I was curious if that sort of came in line with how you're thinking about the expansions that you're working on and contemplated with the pricing of the

Anatol Feygin: That's how many contracts we have. So we're in a really good spot where now with the EA at corpus from its skill at a nine targeting FID next year once we have the permits and we can make that fully contracted. And with the contract at GALP and everything else that we've signed tied to train seven or train eight, we have more than enough to even FID in a couple of years or so, a first phase of a Sabine expansion. So that's in mind too, as we continue to do value engineering there and work on it with Bechtel. All right, appreciate the time. Thank you.

Speaker Change: Oh, the gas that you've sold.

Jack Fusco: I'll answer that. We can't speak for what's going on at these other projects, obviously, and it doesn't really matter because if we're not going to hit our financial standard, why are we going to take undue risk and dilute the returns that we're already providing all our shareholders that we can easily get by just buying back more stock and letting investors own more of Sabine and Corpus already in place? So that's their brownfield best, I guess, and that's for them to figure out.

Zach Davis: I'll answer that. We can't speak for what's going on at these other projects, obviously, and it doesn't really matter because if we're not going to hit our financial standard, why are we going to take undue risk and dilute the returns that we're already providing all our shareholders that we can easily get by just buying back more stock and letting investors own more of Sabine and Corpus already in place? So that's their brownfield best, I guess, and that's for them to figure out.

Zach Davis: and many more. Thank you. Thank you.

Zach Davis: I'll answer that, and we can't speak for what's going on at these other projects, obviously, and it doesn't really matter, because if we're not going to hit our financial standard

Jack Fusco: And it doesn't really matter because if we're not going to hit our financial standard, why are we going to take on new risk and dilute the returns that we're already providing all our shareholders that we can easily get by just buying back more stock and letting investors. And more of the being in corpus already in place. So, that that's their brown field like best, I guess, and that that's for them to figure out. Whereas for us, we think we can do even better. And that'll allow us to achieve seven times cap X the EBITDA 10% on limited returns.

Zach Davis: Why are we going to take undue risk and dilute the returns that we're already providing all our shareholders, that we can easily get by just buying back more stock and letting investors own more of Sabine and Corpus already in place?

Ben Nolan: And we'll move to our next caller. Ben Nolan with Steeple. Please go ahead, sir. Your line is open. Yeah, I appreciate it. Thanks.

Zach Davis: So, that's their brownfield, like, best, I guess, and that's for them to figure out, whereas for us, we think we can do even better, and that'll allow us to achieve seven times CapEx to EBITDA, 10% unlevered returns.

Jack Fusco: I wanted to maybe start with the cost side we saw, I guess earlier this week, Bechtel, come out with a new EPC contract and appreciate that there's probably some differences. But I was curious if that sort of came in line with how you're thinking about the expansions that you're working on and contemplated with the pricing of the gas that you've sold. I'll answer that. And we can't speak for what's going on at these other other projects, obviously.

Jack Fusco: Whereas for us, we think we can do even better, and that'll allow us to achieve seven times CapEx to EBITDA, 10% unlevered returns, and that's just contracted, nothing more than 225 on CMI and a fully wrapped EPC. Anything beyond that in terms of early completion, higher CMI levels, optimization, that's just upside to us all, but never baked in when we FID these projects.

Zach Davis: Whereas for us, we think we can do even better, and that'll allow us to achieve seven times CapEx to EBITDA, 10% unlevered returns, and that's just contracted, nothing more than 225 on CMI and a fully wrapped EPC. Anything beyond that in terms of early completion, higher CMI levels, optimization, that's just upside to us all, but never baked in when we FID these projects.

Jack Fusco: And that's just contracted nothing more than 225 on CMI and a fully wrapped EPC. Anything beyond that in terms of early completion, higher CMI levels, optimization, that that's just upside to us all.

Zach Davis: And that's just contracted, nothing more than 225 on CMI and a fully wrapped EPC. Anything beyond that in terms of early completion, higher CMI levels, optimization, that's just upside to us all, but never baked in when we FID these projects.

Jack Fusco: But never baked in when we FID these projects. Okay, well, maybe another would ask that is, to the extent that you got similar pricing, the math still works fine. Like, is that maybe in a different way to get to the same place. We're working with Bactel, clearly now, thinking about limited notices to proceed even later this year, and then to be in a position to have full notice to proceed next year. We have a decent sense of where pricing is shaking out, especially for the nine, and it's all looking good. Perfect.

Jack Fusco: Okay, well, maybe another would ask that to the extent that you get similar pricing, the math still works fine, like the, um, is that... Maybe in a different way to get to the same place.

Speaker Change: Okay, well, maybe another way to ask that is, to the extent that you got similar pricing, the math still works fine, like, is that?

Unknown Attendee: Maybe in a different way to get to the same place.

Jack Fusco: And it doesn't really matter because if we're not going to hit our financial standard, why are we going to take on new risk and dilute the returns that we're already providing all our shareholders that we can easily get by just buying back more stock and letting investors. And more of the being in corpus already in place. So that that's their brown field like best, I guess, and that that's for them to figure out.

Jack Fusco: Working with Bechtel, clearly now thinking about limited notices to proceed even later this year and then to be in a position to have full notice to proceed next year, we have a decent sense of where pricing is shaking out, especially for the nine.

Unknown Attendee: Maybe in a different way to get to the same place.

Unknown Attendee: Working with Bechtel clearly now, thinking about limited notices to proceed even later this year, and then to be in a position to have full notice to proceed next year. We have a decent sense of where pricing is shaking out, especially for.

Unknown Attendee: And then, as sort of a follow-up or second question, I appreciate your comments on the FERC things going on, but as you're getting closer to Corpus Christi, any updated thoughts on the DOE non-FTA? Any sense as to if we're getting closer to an unpause there?

Jack Fusco: Perfect. And then a sort of follow-up or second question. Your comments on the first thing are going on. But as you're getting closer to Corpus Christi, any updated thoughts on the DOE non-FTA, any sense as to if we're getting closer to an unpause there?

Jack Fusco: And then a sort of follow-up or a second question.

Speaker Change: The nine, and it's all looking good.

Jack Fusco: Your comments on the first thing is going on, but as you're getting closer to Corpus Christi, any updated thoughts on the DOE non-FTA, any sense as to if we're getting closer to an unpause there. No, I think you've been, you probably have seen that they filed an appeal on the ban of the ban. I think, again, this probably is not going to get settled until after November, but it's not going to impact. We do, you're out, Cheniere. Gotcha. All right. I appreciate it. Thank you.

Unknown Attendee: Perfect. And then as sort of a follow-up or a second question, the

Jack Fusco: Whereas for us, we think we can do even better. And that'll allow us to achieve seven times cap X the EBITDA 10% on limited returns. And that's just contracted nothing more than 225 on CMI and a fully wrapped EPC. Anything beyond that in terms of early completion, higher CMI levels, optimization, that that's just upside to us all. But never baked in when we FID these projects. Okay, well, maybe another would ask that is, to the extent that you got similar pricing, the math still works fine, like, is that maybe in a different way to get to the same place.

Speaker Change: I appreciate your comments on the FERC.

Unknown Attendee: But as you're getting closer to Corpus Christi, any updated thoughts on the DOE non-FTA, any sense as to if we're getting closer to an unpause there?

Jack Fusco: No, I think you've probably seen that they filed an appeal on the ban on the ban. I think, again, this probably is not going to get settled until after November. I think you've been, you've been, you've been, you've been, you've been, you've been, But it's not going to impact us here at Cheniere. Gotcha.

Unknown Attendee: No, I think you Ben, you probably have seen that they filed an appeal on the ban of the ban. I think, again, this is what we do here at Cheniere. Gotcha.

Unknown Attendee: No, I think, Ben, you probably have seen that they filed an appeal on the ban of the ban. I think, again, this probably is not going to get settled until after November.

Jack Fusco: We're working with Bactel, clearly now, thinking about limited notices to proceed even later this year, and then to be in a position to have full notice to proceed next year. We have a decent sense of where pricing is shaking out, especially for the nine, and it's all looking good.

Speaker Change: But it's not going to impact.

Benjamin Nolan: Gotcha. All right. I appreciate it. Thank you. And we'll move to our next question from Keith Stanley with Wolf Research. Go ahead, sir. Hi, good morning.

Unknown Attendee: We do here at Cheniere.

Operator: And we'll move to our next question from Keith Stanley with Wolf Research. Go ahead, sir. Hi, good morning.

Keith Stanley: And we'll move to our next question from Keith Stanley with Wolf Research. Go ahead, sir. Hi, good morning.

Keith Stanley: Gotcha. All right. I appreciate it. Thank you.

Keith Stanley: And we'll move to our next question from Keith Stanley with Wolf Research. Go ahead, sir.

Keith Stanley: Just one question. Can you touch on potential plans to add gas power plant capacity with your old friends at CalPine under the Texas Loan Program, just strategic ration out for that cost and what you're hoping to achieve? Thanks, Keith.

Keith Stanley: Hi, good morning. Just one question. Can you touch on potential plans to add gas power plant capacity with your old friends at Calpine under the Texas loan program? Just strategic rationale for that cost and what you're hoping to achieve.

Jack Fusco: Perfect. And then a sort of follow-up or a second question. Your comments on the first thing is going on, but as you're getting closer to Corpus Christi, any updated thoughts on the DOE non-FTA, any sense as to if we're getting closer to an unpause there. No, I think you've been, you probably have seen that they filed an appeal on the ban of the ban. I think, again, this probably is not going to get settled until after November, but it's not going to impact, we do, you're out, Cheniere. Gotcha.

Jack Fusco: All right. I appreciate it.

Jack Fusco: Thanks, Keith. So, as you know, with our stage three increase at Corpus, our demand for electricity increased dramatically because those are electric compression compressors, not gas compressors. So we wanted to manage that risk. We have partnered with Calpine to make that a reliable combined cycle power plant, which they've done a very good job at to date. The plant has run almost every day since we bought it last year very, very efficiently and reliably, but it's our intent to grow that facility to match our demand profile.

Jack Fusco: Thanks, Keith. So, as you know, with our stage three increase at Corpus, our demand for electricity increased dramatically because those are electric compression compressors, not gas compressors. So we wanted to manage that risk. We were able to do that very efficiently and effectively and cheaply by buying an existing power plant that was on the outskirts of our site. That's the old GPP plant, and we have partnered with Calpine to make that a reliable combined cycle power plant, which they've done a very good job at today. The plant has run almost every day since we bought it last year very, very efficiently and reliably, but it's our intent to grow that facility to match our demand profile.

Jack Fusco: So, as you know, with our stage three increase at Corpus, our demand for electricity increases dramatically because those are electric compression, not gas compressors. So we wanted to manage that risk. We were able to do that very efficiently and effectively and cheaply by buying an existing power plant that was on the outskirts of our site. That's the old GPP plant. And we have partnered with CalPine to make that reliable combined cycle power plant, which they've done a very good job at today. The plant has run almost every day since we bought it last year, very efficiently and reliably.

Jack Fusco: Thanks, Keith. So, as you know, with our Stage 3 increase at Corpus, our demand for electricity increases dramatically, because those are electric compression, not gas compressors.

Operator: Thank you.

Jack Fusco: So, we wanted to manage that risk.

Jack Fusco: We were able to do that very efficiently and effectively and cheaply by buying an existing power plant that was on the outskirts of our site, that's the old GPP plant, and we

Jack Fusco: We have partnered with Calpine to make that a reliable combined cycle power plant, which they've done a very good job at today. The plant has run almost every day since we bought it last year.

Keith Stanley: And we'll move to our next question from Keith Stanley with Wolf Research. Go ahead, sir. Hi, good morning. Just one question.

Jack Fusco: Can you touch on potential plans to add gas power plant capacity with your old friends at CalPine under the Texas Loan Program, just strategic ration out for that cost and what you're hoping to achieve? Thanks, Keith. So as you know, with our stage three increase at Corpus, our demand for electricity increases dramatically, because those are electric compression, not gas compressors. So we wanted to manage that risk. We were able to do that very efficiently and effectively and cheaply by buying an existing power plant that was on the outskirts of our site.

Jack Fusco: But it's our intent to grow that facility to match our demand profile. And then that way it'll be a financial hedge to our power exposure at Corpus Christi. So that's the intent of the relationship with CalPine and our ownership in that power plant.

Jack Fusco: very, very efficiently and reliably.

Jack Fusco: But it's our intent to grow that facility to match our demand profile, and then that way it'll be a financial hedge to our power exposure at Corpus Christi.

Jack Fusco: And in that way, it'll be a financial hedge to our power exposure at Corpus Christi. So that's the intent of the relationship with Calpine and our ownership in that power plant. And as you also know, we own our own power plant at Sabine Pass that's not connected to the grid. So, we have power generating facilities there already, so we're perfectly comfortable with owning and operating this facility. Thank you. And our next question comes from Craig Shere. Go ahead, you're like... Hi, thanks for taking the question. Just one for me.

Jack Fusco: And in that way, it'll be a financial hedge against our power exposure at Corpus Christi. So, we have power generating facilities there already, so we're perfectly comfortable with owning and operating those facilities. And our next question comes from Craig Shere. Hi, thanks for taking the question. Just one for me.

Jack Fusco: So that's the intent of the relationship with CALPINE and our ownership in that power plant. And as you also know, we own our own power plant at Sabine Pass. That's not connected to the grid, but...

Jack Fusco: And, as you also know, we own our own power plant at Sabine Pass. That's not connected to the grid. We have power generating facilities. They're already so we're perfectly comfortable with owning and operating those facilities. It makes sense.

Jack Fusco: We have power generating facilities there already, so we're perfectly comfortable with owning and operating those facilities.

Jack Fusco: That's the old GPP plant. And we have partnered with CalPine to make that reliable combined cycle power plant, which they've done a very good job at today. The plant has run almost every day since we bought it last year, very efficiently and reliably. But it's our intent to grow that facility to match our demand profile. And then that way it'll be a financial hedge to our power exposure at Corpus Christi. So that's the intent of the relationship with CalPine and our ownership in that power plant.

Craig Shere: And our next question comes from Craig Shere, with two wee brothers. Please go ahead. Your line is open.

Operator: And our next question comes from Craig Shere with the Tui Brothers. Please go ahead. Your line is open.

Craig Shere: Does that make sense? Thank you.

Speaker Change: And our next question comes from Craig Shere with Tui Brothers. Please go ahead. Your line is open.

Craig Shere: Hi, thanks for taking the question. Just one for me. Sounds like your debattled necking is making a lot more progress. It's obviously been going on for years. Barring a hurricane risk, it is fair to say that your average multi-year legacy train output is already notably and systemically over five NTPA at this point.

Craig Shere: Hi, thanks for taking the question. Just one for me.

Craig Shere: Sounds like your de-bottlenecking is making a lot more progress. It's obviously been going on for years.

Craig Shere: Barring a hurricane risk, is it fair to say that your average multi-year legacy train output is already notably and systemically over 5 MTPA at this point, and what would it take for you to guide to

Jack Fusco: And what would it take for you to guide to, you know, something higher in the coming quarters? I guess we should have expected that question from you. But I'll just say, we've been at around five million tons per train on the first nine trains for a while. And now we're still at five million tons per train. And we're doing major maintenance every year. So, for the next few years, hard to see that moving material up. But we are making investments. We've mentioned before things like Finn fans that should eventually help us get closer to the higher end of that range.

Craig Shere: You know, something higher in the coming quarters.

Craig Shere: I guess we should have expected that question from you, but I'll just say... We've been at around 5 million tons per train on the first nine trains for a while, and now we're still at 5 million tons per train, and we're doing major maintenance every year. So, for the next few years, it will be hard to see that moving material up. But we are making investments, as we've mentioned before things like fin fans, that should eventually help us get closer to the higher end of that range. But not yet. We're not in the business of over promising on this. Craig, I was going to say as soon as we met

Jack Fusco: And as you also know, we own our own power plant at Sabine Pass. That's not connected to the grid. We have power generating facilities. They're already so we're perfectly comfortable with owning and operating those facilities. It makes sense.

Craig Shere: I guess we should have expected that question from you, but I'll just say.

Unknown Attendee: We've been at around 5 million tons per train on the first nine trains for a while, and now we're still at 5 million tons per train, and we're doing major maintenance every year. So, for the next few years, it will be hard to see that moving material up. But we are making investments. We've mentioned before things like FinFans that should eventually help us get closer to the higher end of that range. But not yet. We're not in the business of over promising on that. Craig, I was going to say, as soon as we get it

Operator: Thank you.

Craig: So, uh,

Craig: ...for the next few years. Hard to see that moving material up.

Craig Shere: And our next question comes from Craig Shere, with two wee brothers. Please go ahead. Your line is open. Hi, thanks for taking the question. Just one for me. Sounds like your debattled necking is making a lot more progress. It's obviously been going on for years. Barring a hurricane risk is a fair to say that your average multi-year legacy train output is already notably and systemically over five NTPA at this point. And what would it take for you to guide to, you know, something higher in the coming quarters?

Unknown Attendee: But we are making investments, we've mentioned before, things like FinFans that should eventually help us get closer to the higher end of that range. But not yet. We're not in the business of over-promising on this.

Jack Fusco: But not yet. We're not in the business of over-promising on this.

Zach Davis: Craig, I was going to say, as soon as we get comfortable that we can reliably meet the production numbers over a 20-year period, we will let you know.

Unknown Attendee: Craig, I was going to say, as soon as we get comfortable that we can reliably meet the production numbers over a 20-year period, we will let you know.

Jack Fusco: Craig, I was going to say, as soon as we get comfortable that we can reliably meet the production numbers over a 20-year period, we will let you know. Right.

Unknown Attendee: Craig, I was going to say, as soon as we get comfortable that we can reliably meet the production numbers over a 20-year period, we will let you know.

Zach Venevren: And our next question comes from Zach Venevren with TPH. Please go ahead. Your line is open.

Zach Davis: And our next question comes from Zach Van Everen with TPH. Please go ahead. Your line is open.

Zach Benevren: And our next question comes from Zach Benevren with TPH. Please go ahead. Your line is open.

Zach Benevren: Great, thank you.

Zach Benevren: And our next question comes from Zach Benevren with TPH. Please go ahead. Your line is open.

Zach Benevren: Hey guys, thanks for taking my question. Maybe just to start on the global demand outlook, I know you talked about it on the last call about data centers internationally. We've seen some positive developments here in the U.S. on the midstream side. Has anything come up or anything changed there as far as conversations with potential customers or just increased demand from the global kind of AI data center demand ramp?

Zackery Everen: Hey guys, thanks for taking my question. Maybe just to start on the global demand outlook, I know you talked about it on the last call about data centers internationally. We've seen some positive developments here in the U.S. on the midstream side. Has anything come up or anything changed there as far as conversations with potential customers or just increased demand from the global kind of AI data center demand ramp?

Zach Venevren: Hey guys, thanks for taking my question. Maybe just to start on the global demand outlook. I know you talked about it on the last call around data centers internationally. We've seen some positive developments here in the US on the midstream side. Has anything come up or anything changed there as far as conversations with potential customers are just increased demand from the global kind of AI data center demand ramp.

Craig Shere: I guess we should have expected that question from you. But I'll just say, we've been at around five million tons per train on the first nine trains for a while. And now we're still at five million tons per train. And we're doing major maintenance every year. So for the next few years, hard to see that moving material up. But we are making investments. We've mentioned before things like Finn fans that should eventually help us get closer to the higher end of that range. But not yet. We're not in the business of over promising on this.

Zach Benevren: Hey guys, thanks for taking my question.

Zach Benevren: Maybe just to start on the global demand outlook, I know you talked about it on the last call around data centers internationally, we've seen some positive developments here in the U.S. on the midstream side. Has anything come up or anything changed there as far as conversations with potential customers or just increased demand from the global kind of AI data center demand ramp?

Anatol Feygin: Yeah, thanks, Zach. It's all there are. We're, let's say, roughly two steps away from that. But, but clearly this is a very nice tailwind for that Asian story as well. We see dedicated kind of hyper scalar commitments to Singapore, Malaysia, Japan, other markets where we are working with our counterparts who will ultimately be supplying into that demand. So it is another component of the electrification and the reliability that the grids need that will be driven by this additional gas supply, and it is a component in the in the global story. But again, we are not the low serving entity, right?

Anatol Feygin: Yeah, thanks, Zach and Anatol. We're, let's say, roughly two steps away from that. But clearly, this is a very nice tailwind for that Asian story as well. We see dedicated, kind of hyperscaler commitments to Singapore, Malaysia, Japan, other markets where we are working with our counterparts who will ultimately be supplying that demand. So it is another component of the electrification and the reliability that the grids need that will be driven by this additional gas supply. And it is a component of the global story. But again, we are not the load-serving entity, right? So we're a step or two removed from that.

Speaker Change: Yeah, thanks Zach and Anatol. There are, we're, let's say, roughly two steps away from that, but clearly this is a very nice tailwind for that

Speaker Change: Asian story as well. We see dedicated kind of hyperscaler commitments to Singapore, Malaysia, Japan, other markets where we are working with our counterparts who will ultimately be supplying into that demand. So it is another

Jack Fusco: Craig, I was going to say as soon as we get comfortable that we can reliably meet the production numbers over a 20 year period, we will let you know. Right. Thank you.

Zach Venevren: And our next question comes from Zach Venevren with TPH. Please go ahead. Your line is open. Hey guys, thanks for taking my question. Maybe just to start on the global demand outlook. I know you talked about it on the last call around data centers internationally. We've seen some positive developments here in the US on the midstream side. Has anything come up or anything changed there as far as conversations with potential customers are just increased demand from the global kind of AI data center demand ramp.

Speaker Change: Component of the electrification and the reliability that that the grids need that will be driven by this additional gas supply. And it is it is a component in the in the global story. But again, we are not the load serving entity, right? So we're, we're a step or two removed from that.

Zach Venevren: So we're a step or two removed from that. Gotcha, that makes sense.

Unknown Attendee: Gotcha, that makes sense. And then maybe one on the US kind of gas macro side, you mentioned that stage three will start taking feed gas in the next few months. Can you give an idea of the volumes there, a couple hundred MMCF a day or a little bit less than that as you start to commission that first drink?

Zach Davis: Gotcha, that makes sense. And then maybe one on the US kind of gas macro side, you mentioned that stage three will start taking feed gas in the next few months. Can you give an idea of the volumes there? Is it a couple hundred MMCF a day or a little bit less than that as you start to commission that first train?

Zach Davis: And then maybe one on the US kind of gas macro side, you mentioned that stage three will start taking free gas the next few months to give an idea of the volumes. There is a couple hundred mcf a day or a little bit less than that. Yeah, as you start to commission that first rank.

Unknown Attendee: Gotcha, that makes sense. And then maybe one on the U.S. kind of gas macro side, you mentioned that Stage 3 will start taking feed gas the next few months. Can you give an idea of the volumes there? Is it a couple hundred MMCF a day or a little bit less than that as you start to commission that first train?

Zach Venevren: Yeah, thanks Zach. It's all there are we're let's say roughly two steps away from that. But but clearly this is a very nice tailwind for that Asian story as well. We see dedicated kind of hyper scalar commitments to Singapore, Malaysia, Japan, other markets where we where we are working with our counterparts who will ultimately be supplying into that demand. So it is another component of the electrification and the reliability that that the grids need that will be driven by this additional gas supply and it is it is a component in the in the global story. But again, we are not the low serving entity, right? So we're we're a step or two removed from that.

Zach Davis: Yeah, Zach, the way that works is it will be small first as we dry out the internal piping and the compression, and we continue to test things, and then it will grow; should grow significantly after that. In our, the pipeline that provides the gas from Aqua Dulce into stage three is already in operations. Yeah, that makes sense.

Unknown Attendee: Yeah, Zach, the way that works is it'll be small at first as we dry out the internal piping and the compression, and we continue to test things, and then it will grow, and should grow significantly after that.

Zach Davis: Yeah, Zach, the way that works is it'll be small at first as we dry out the internal piping and the compression, and we continue to test things, and then it will grow, should grow significantly after that. And the pipeline that provides the gas from Aqua Dulce into Stage 3 is already in operation.

Speaker Change: Yeah, Zach, the way that works is it'll be small first as we dry out the internal piping and the compression, and we continue to test things, and then it will grow smaller.

Unknown Attendee: should grow significantly after that.

Speaker Change: And the pipeline that provides the gas from Aqua Dulce into Stage 3 is already in operations.

Zach Davis: Got it. That makes sense.

Unknown Attendee: Got it. That makes sense.

Zach Davis: I appreciate the time, guys.

Michael Blum: And our next question comes from Michael Blum with Wells Fargo. Please go ahead. Your line is open.

Michael Blum: Well, I appreciate the time, guys. Thanks. And our next question comes from Michael Blum with Wells Fargo. Please go ahead, your line is open. Thanks. Thanks for squeezing me in here. I just had one question.

Operator: And our next question comes from Michael Blum with Wells Fargo. Please go ahead, your line is open. Thanks.

Michael Blum: And our next question comes from Michael Blum with Wells Fargo. Please go ahead. Your line is open. Thanks.

Operator: Well, I appreciate the time, guys. Thanks. And our next question comes from Michael Blum with Wells Fargo. Please go ahead, your line is open. Thanks. Thanks for squeezing me in here. I just had one question.

Michael Blum: Got it. That makes sense. Well, I appreciate the time, guys. Thanks.

Michael Blum: And our next question comes from Michael Blum with Wells Fargo. Please go ahead. Your line is open.

Michael Blum: Thanks. Thanks for squeezing me in here. I just had one question left here. Just in terms of the operational enhancements, you talked about which led to your increase 24 guidance.

Michael Blum: Thanks. Thanks for squeezing me in here. I just had one question left here.

Zach Davis: Gotcha, that makes sense. And then maybe one on the US kind of gas macro side, you mentioned that stage three will start taking free gas the next few months to give an idea of the volumes there is a couple hundred mcf a day or a little bit less than that. Yeah, as you start to commission that first rank. Yeah, Zach, the way that works is, it'll be small first as we dry out the internal piping and the compression and we continue to test things and then it will grow, should grow significantly after that. In our, the pipeline that provides the gas from Aqua Dulce into stage three is already in operations. Yeah, that makes sense.

Zach Davis: I appreciate the time guys.

Michael Blum: Just in terms of the operational enhancements you talked about, which led to your increased 24 guidance.

Zach Davis: I just want to confirm that these carry forward to future years, or is there anything kind of one time in nature to the second half boost in production. Thanks. I would say no commitment yet for the future years. If we go back to the May call, we basically said that production was a little light compared to forecast because after the freeze we had some feed gas quality issues at Corpus, but we more than made up with it with the optimization we were able to do upstream and downstream of the plan. We have more upstream and upstream optimization and sub chartering added to the forecast this time around, but on top of that, we're catching back up to where we thought we would be and closer to target for the full year.

Michael Blum: I just wanted to confirm that these carry forward to future years, or is there anything kind of one-time in nature to the second half boost in production? Thanks.

Unknown Attendee: I would say no commitment yet for the future years. If we go back to the May call, we basically said that production was a little light compared to forecast because after the freeze, we had some feed gas quality issues at Corpus, but we more than made up for it with the optimization. We were able to do upstream and downstream of the plant. We have more upstream and downstream optimization and sub-chartering added to the forecast this time around, but on top of that, we're catching back up to where we thought we would be and closer to target for the full year.

Michael Blum: I would say no commitment yet for the future years. If we go back to the May call, we basically said that production was a little light compared to forecast because after the freeze, we had some feed gas quality issues at Corpus, but we more than made up for it with the optimization. We were able to do upstream and downstream of the plant. We have more upstream and downstream optimization and sub-chartering added to the forecast this time around.

Unknown Attendee: I would say no commitment yet for the future years. If we go back to the May call, we basically said that production was a little light.

Unknown Attendee: compared to forecast, because after the freeze, we had some feed gas quality issues at Corpus, but we more than made up with it. With the optimization, we were able to do upstream and downstream of the plant.

Michael Blum: But on top of that, we're catching back up to where we thought we would be and closer to target for the full year. So, hard to say that this is going to be a benefit for the future, but maybe more. Allow us to be more solid on the forecast going forward. Thank you. Thank you. Then we'll move to our next question, from Manav Gupta. We'll move to the next question, from Manav Gupta, James.

Unknown Attendee: We have more upstream and downstream optimization and subchartering added to the forecast this time around. But on top of that, we're catching back up to where we thought we would be and closer to target for the full year.

Michael Blum: Thanks. And our next question comes from Michael Blum with Wells Fargo. Please go ahead. Your line is open. Thanks. Thanks for squeezing me in here. I just had one question left here. Just in terms of the operational enhancements, you talked about which led to your increase 24 guidance.

Unknown Attendee: So, hard to say that this is going to be a benefit for the future, but maybe more. Allow us to be more solid on the forecast going forward. And we'll move to our next question from Anab Gupta. Transcription by Trans-Expert at Fiverr.com

Zach Davis: So hard to say that this is going to be a benefit for the future, but maybe more allow us to be more solid on the forecast going forward. Thank you.

Unknown Attendee: So, hard to say that this is going to be a benefit for the future, but maybe more...

Unknown Attendee: to allow us to be more solid on the forecast going forward.

Zach Davis: I just want to confirm that these carry forward to future years or is there anything kind of one time in nature to the second half boost in production. Thanks. I would say no commitment yet for the future years. If we go back to the May call, we basically said that production was a little light compared to forecast because after the freeze we had some feed gas quality issues at corpus, but we more than made up with it with the optimization we were able to do upstream and downstream of the plan.

Manav Gupta: And we'll move to our next question from a knob, Gupta with UBS. Please go ahead. Your line is open.

Operator: And we'll move to our next question from Manav Gupta with UBS. Please go ahead, your line is open. Paul, thank you for squeezed.

Speaker Change: Thank you.

Speaker Change: And we'll move to our next question from Anab Gupta with UBS. Please go ahead, your line is open.

Manav Gupta: Thank you for squeezing me in. I have one quick question. CCL Stage 3 is about 62.4% complete for about I think 55.9% last quarter. Is that a good run rate?

Anab Gupta: Thank you for squeezing me in. I have one quick question. CCL Stage 3 is about 62.4% complete. It was about, I think, 55.9% last quarter. Is that a good run rate? That's how we should think it comes online, or it can get very lumpy because of the construction phase kicking in. Thank you.

Zach Davis: We have more upstream and upstream optimization and sub chartering added to the forecast this time around, but on top of that, we're catching back up to where we thought we would be and closer to target for for the full year. So hard to say that this is going to be a benefit for the future, but maybe more allow us to be more solid on the forecast going forward. Thank you.

Jack Fusco: That's how we should think it comes online or this can get very lumpy because of the construction phase kicking in. Thank you. Yeah, so there's really that's an overall construction completion date or percentage. And what I like to look at is trains one, two, and three, and those numbers are significantly different, as you can see from the photos that we've provided you.

Manav Gupta: Yeah, so there's, that's really, that's an overall construction completion date or percentage. And what I like to look at are trains one and two and three. And those numbers are significantly different, as you can see from the photos that we've provided you.

Unknown Attendee: Yeah, so there's, that's really, that's an overall construction completion date or percentage. And what I like to look at is trains one and two and three, and those numbers are significantly different, as you can see from the photos that we've provided you. But there are really three things that I look at.

Unknown Attendee: Yeah, so there's really, that's an overall construction completion date or percentage, and what I like to look at is trains one and two and three, and those numbers are significantly different, as you can see from the photos that we've provided you. But there's really three things that I look at.

Jack Fusco: But there's really three things that I look at. One is supply chain. Do we have all the parts that we need at least for the initial three to five trains? And yes. And so we don't. I'm not worried about supply chain messing me up. The next thing is we look at worker ability and if we are adding the workforce that we need with the right skills that we need to hit the critical path of the schedule and we are. And then certainly I look at commissioning activities. Are we turning over systems, you know, from E&C construction to commissioning and getting those systems started up? In how many employees, operations employees have been secunded to Bechtol? And we have at this point about 50 operators that are secunded, that are doing commissioning activities.

Unknown Attendee: One is the supply chain. Do we have all the parts that we need, at least for the initial three to five trains? And yes.

Jack Fusco: But there are really three things that I look at. One is the supply chain. Do we have all the parts that we need, at least for the initial three to five trains? And yes, and so we don't. I'm not worried about the supply chain messing me up. The next thing is, we look at worker availability. And if, are we adding the workforce that we need with the right skills that we need to hit the critical path of the schedule?

Unknown Attendee: One is supply chain. Do we have all the parts that we need at least for the initial three to five trains?

Unknown Attendee: And yes, and so we don't, I'm not worried about.

Unknown Attendee: And so we don't, I'm not worried about the supply chain messing me up. The next thing is, we look at worker availability. And if, if, are we adding the workforce that we need with the right skills that we need to hit the critical path of the schedule? And we are. And then, thirdly, I look at commissioning activity. Are we turning over systems? You know, from E&C construction to commissioning and getting those systems started up, and how many employees, operations employees, have been seconded to Bechtel.

Unknown Attendee: The next thing is we look at worker availability, and if, are we adding the workforce that we need with the right skills that we need to hit the critical path of the schedule, and we are. And then thirdly, I look at commissioning activities.

Jack Fusco: And we'll move to our next question from a knob, Gupta with UBS. Please go ahead. Your line is open. Thank you for squeezing me in. I have one quick question. CCL Stage 3 is about 62.4% complete for about I think 55.9% last quarter. Is that a good run rate? That's how should we should think it comes online or this can get very lumpy because of the construction phase kicking in. Thank you. Yeah, so there's really that's an overall construction completion date or percentage.

Jack Fusco: And we are, and then thirdly, I look at commissioning activities. Are we turning over systems? You know, from E&C construction to commissioning and getting those systems started up and how many employees, operations employees, have been seconded to Bechtel. And we have, at this point, about 58 operators that have been seconded that are doing commissioning activities. Those are all really positive signs to me that the Stage 3 trains, you know, 1, 2, and 3, are really moving along very well.

Unknown Attendee: Are we turning over systems?

Unknown Attendee: you know, from E&C construction to commissioning

Unknown Attendee: How many employees, operations employees, have been seconded to Bechtel? And we have, at this point, we have about 58 operators that are seconded, that are doing commissioning activities. Those are all really positive signs to me that states...

Jack Fusco: Those are all really positive signs to me that stage three trains, you know, one, two, and three are really moving along very well.

Jack Fusco: And what I like to look at is trains one and two and three and those numbers are significantly different as you can see from the photos that we've provided you. But there's really three things that I look at. One is supply chain. Do we have all the parts that we need at least for the initial three to five trains? And yes. And so we don't I'm not worried about supply chain messing me up.

Unknown Attendee: Three trains, you know, one, two, and three are really moving along very well.

Jack Fusco: Thank you so much.

Alexander Bidwell: And our last question comes from Alexander Bidwell from Webber Research. Please go ahead. Your line is open.

Operator: And our last question comes from Alexander Bidwell from Weber Research. Please go ahead. Your line is open. Good morning, this is Alex.

Unknown Attendee: And our last question comes from Alexander Bidwell from Weber Research. Please go ahead. Your line is open. Good morning, this is Alex.

Unknown Attendee: And we have, at this point, about 58 operators that are seconded that are doing commissioning activities. Those are all really positive signs to me that Stage 3 trains, you know, 1, 2, and 3, are really moving along very well. Thank you so much. And our last question comes from Alexander Bidwell from Weber, Rhode Island.

Jack Fusco: Thank you so much. And our last question comes from Alexander Bidwell from Weber, Rhode Island. Go ahead. Good morning, this is Alex Bidwell.

Unknown Attendee: Thank you so much.

Speaker Change: And our last question comes from Alexander Bidwell from Weber Research. Please go ahead. Your line is open.

Alexander Bidwell: Good morning. This is Alex Bidwell, along for Greg this quarter. Thanks for taking my question. Looking at CCL stage three. So first LNG on T1 is coming or is expected at the end of the year. Can you guys define first LNG? Are we talking about substantial volume or a small volume, say a few cubic meters? We're not in as to play games. We're in it to run a real business. And when we tell you we've achieved first LNG, hopefully after a decade of doing this in 3700 tankers under my belt, that you all believe us that we're they're making LNG.

Unknown Attendee: Good morning. This is Alex Bidwell-Long for Gregg this quarter. Thanks for taking my question.

Jack Fusco: The next thing is we look at worker ability and if are we adding the workforce that we need with the right skills that we need to hit the critical path of the schedule and we are. And then certainly I look at commissioning activities are we turning over systems. You know, from E&C Construction to commissioning and getting those systems started up in how many employees, operations employees have been secunded to Bechtol and we have at this point we have about 50 operators that are secunded, that are doing commissioning activities. Those are all really positive signs to me that stage three trains, you know, one, two and three are really moving along very well. Thank you so much.

Speaker Change: I'm looking at CCL Stage 3, so first LNG on T1 is coming, or is expected at the end of the year. Can you guys define first LNG? Are we talking a substantial volume or a small volume, say a few cubic meters?

Alexander Bidwell: We're not in this to play games. We're in it to run a real business. And when we tell you we've achieved the first LNG, hopefully, after after a decade of doing this in 3,700 tankers under my belt, you all believe us, that we're there making LNG. So I'm not going to try to define it. I hope that I've earned some credibility with all of you over at least my last eight years and Cheniere's last 10.

Jack Fusco: We're not in it to play games. We're in it to run a real business. And when we tell you we've achieved the first LNG, hopefully, after after a decade of doing this in 3,700 tankers under my belt, you all believe us, that we're there making LNG. So I'm not going to try to define it. I hope that I've earned some credibility with all of you over at least my last eight years and Cheniere's last ten. But I'm not going to try to define it. I'm not going to try to define it.

Alexander Bidwell: We're not in it to play games.

Alexander Bidwell: We're in it to run a real business.

Alexander Bidwell: And when we tell you we've achieved first LNG, hopefully after a decade of doing this and 3,700...

Alexander Bidwell: tankers under my belt, that you all believe us, that we're there making LNG. So I'm not going to try to define it.

Jack Fusco: So I'm not going to try to define it. I hope that I've earned some credibility with all of you over at least my last eight years and Chiniers last 10.

Alexander Bidwell: I hope that I've earned some credibility with all of you over at least my last eight years and Cheniere's last ten.

Alexander Bidwell: And our last question comes from Alexander Bidwell from Webber Research. Please go ahead. Your line is open.

Jack Fusco: All right.

Operator: Thank you.

Jack Fusco: Good morning. This is Alex Bidwell along for Greg this quarter. Thanks for taking my question. Looking at CCL stage three. So first LNG on T1 is coming or is expected at the end of the year. Can you guys define first LNG? Are we talking about substantial volume or a small volume, say a few cubic meters? We're not in as to play games. We're in it to run a real business. And when we when we tell you we've achieved first LNG hopefully after after a decade of doing this in 3700 tankers under my belt that you all believe us that that we're we're they're making LNG. So I'm not going to try to define it. I hope that I've earned some credibility with with all of you over at least my last eight years and chiniers last 10. All right.

Jack Fusco: And ladies and gentlemen, this concludes our Q&A session on today's call. I will now turn the call back to the senior team. Thank you all very much for your support, and please be safe out there.

Operator: And ladies and gentlemen, this concludes our Q&A session on today's call. I will now turn the call back to the Cheniere... Thank you all very much for your questions.

Speaker Change: All right, thank you.

Operator: And ladies and gentlemen, this concludes our Q&A session on today's call. I will now turn the call back to the Cheniere team.

Jack Fusco: Thank you all very much for your support, and please be safe out there.

Operator: And this concludes today's call. Thank you for your participation. You may now disconnect. Have a great day.

Jack Fusco: Thank you all very much for your support and please be safe out there.

Operator: And this concludes today's call. Thank you for your participation. You may now disconnect and have a great day.

Jack Fusco: and many more. Thank you for watching. I'm Zach Fusco.

Operator: And this concludes today's call. Thank you for your participation. You may now disconnect. And have a great day.

Operator: And this concludes today's call. Thank you for your participation. You may now disconnect, and have a great day.

Jack Fusco: Thank you. And ladies and gentlemen, this concludes our Q&A session on today's call. I will now turn the call back to the senior team. Thank you all very much for your support and please be safe out there.

Operator: And this concludes today's call. Thank you for your participation.

Operator: You may now disconnect and have a great day.

Speaker Change: and many more. Thank you for joining us. We hope you enjoy the rest of your day. See you next time. Bye.

Q2 2024 Cheniere Energy Inc Earnings Call

Request a DemoDemo

LNG

Cheniere Energy

Earnings